Mortgage rates on October 29: what the 7.24% average does—and doesn’t—tell you

On October 29, 2026, Freddie Mac’s Primary Mortgage Market Survey reported an average 30-year fixed rate of 7.24% and an average 15-year fixed rate of 6.60%. The prior week, October 22, the averages were 7.32% and 6.68%, respectively. Both averages declined by 0.08 percentage points week over week.

These are national survey averages, not promised rates for individual borrowers. A lender’s offer may depend on credit profile, down payment, loan amount and type, property, points, lock period, and other details. Rates can change between the survey date and the day you apply or lock.

How to use a weekly average

Use the weekly average to follow the market, then request written estimates from multiple lenders for the same loan scenario. Compare the rate, annual percentage rate, lender charges, points or credits, monthly principal and interest, mortgage insurance, and cash needed at closing. The rate alone does not show the full borrowing cost.

The 15-year and 30-year averages cover different repayment periods. A shorter term means repaying principal over fewer months. Compare its payment and total costs with your budget and plans.

Questions to ask a lender

• What rate and annual percentage rate are shown on my Loan Estimate?
• Are discount points included, and what would the offer look like with different points?
• Is the rate locked? If so, through what date and under what terms?
• Can I compare another estimate using the same loan amount, product, and lock period?

For the official weekly data, see Freddie Mac’s Primary Mortgage Market Survey and its weekly rate archive. The Consumer Financial Protection Bureau’s Loan Estimate comparison guide explains which offer details to review.