10/26/2026
Good news for mortgage shoppers, with an asterisk: rates just dropped for the first time in two months.
Freddie Mac's weekly survey (week ending Oct. 22) shows the 30-year fixed mortgage rate falling to 7.32%, down from 7.40% the week before. That's the first decline since late August. The 15-year fixed dipped too, to 6.68%.
Here's the bigger picture: rates have been climbing since late February, when the war between the U.S. and Iran pushed up oil prices and inflation. The 30-year rate actually hit 7.4% earlier this month -- its highest level in almost three years -- up from a low of 5.98% back in February. That jump has added about $355 a month to the payment on a typical $400,000 loan.
Rates mostly follow the 10-year Treasury yield, which has eased a bit over the past couple weeks but is still well above where it was before the war started. And looking ahead, Fannie Mae currently expects rates to average around 7.4%-7.5% through next year, so this week's dip may not be the start of a bigger drop.
If you've been waiting on the sidelines, does one good week change anything for you, or are you holding out for more?