American homebuyers have caught a small break. Freddie Mac’s weekly Primary Mortgage Market Survey put the national 30-year fixed average at 7.24% for the week ending 29 October 2026, down eight basis points from 7.32% the week before, according to The Mortgage Reports.
Two weeks of relief, but rates stay high
It is the second straight weekly decline and the lowest reading this month, down from a 7.40% peak earlier in October, Norada Real Estate reports. Freddie Mac’s chief economist Sam Khater said the 30-year rate declined again, reaching its lowest level this month and modestly boosting purchasing power for prospective buyers. The 15-year fixed rate also fell eight basis points, to 6.60%. A year ago the 30-year averaged 6.17%, so buyers are still paying far more than they were twelve months ago.
The monthly payment maths
On a $400,000 loan, the move from 7.40% to 7.24% saves about $44 a month in principal and interest, according to one analysis of the survey. Zillow’s daily measure told a similar story, with its national average 30-year purchase rate at 7.07% on Tuesday 3 November, down 16 basis points in a week. But forecasters urge caution: Fannie Mae’s October housing forecast still projects the 30-year averaging about 7.4% in the fourth quarter of 2026 and about 7.5% through 2027, while the Mortgage Bankers Association sees it staying above 7% through the end of 2027.
What to watch next
The next Freddie Mac survey lands on Thursday, and a busy run of jobs and inflation reports in the first ten days of November could move bond yields either way. The Federal Reserve held rates at 3.75%–4.00% on 28 October, but markets are leaning toward a December hike. For buyers, the practical lesson is that weekly averages are a barometer, not a quote: individual rates vary by lender, deposit and credit profile, so a lender’s own figure is the one that matters.
