30-year mortgage rate dips to 7.32% after weeks of increases
The average 30-year fixed mortgage rate fell to 7.32% in Freddie Mac’s survey published October 22, 2026, down from 7.40% the week before. The 15-year fixed average slipped to 6.68% from 6.71%.
A year earlier the same averages were 6.19% (30-year) and 5.44% (15-year), so borrowing is still noticeably more expensive than in autumn 2025.
What it means if you are shopping
- Buying: on a $350,000 loan, every 0.1 percentage point changes the monthly principal and interest payment by roughly $20 to $25. Small weekly moves matter less than the quote you lock.
- Refinancing: a refinance usually only pays off if your new rate is meaningfully below your current one and you stay long enough to recover closing costs. With rates near 7.3%, most borrowers who locked in 2020 to 2022 have no reason to refinance.
- Compare lenders, not averages. Freddie Mac’s figure is a national average for borrowers with strong credit and 20% down. Your own quote depends on your credit score, down payment, loan type and points.
Freddie Mac publishes a new survey every Thursday. See our guide to buying and refinancing a mortgage for what to compare between offers.
