ENMORTGAGE RATES, HOUSING & REAL ESTATE FINANCE · NOVEMBER 2, 2026
Mortgage Rates Decline for a Second Week but Remain Above Last Year
Freddie Mac reported the average 30-year fixed mortgage rate falling to 7.24% on October 29, down eight basis points for the week but 107 basis points above the comparable week in 2025.
What Freddie Mac reported on October 29
Source publication date: October 29, 2026. Freddie Mac's Primary Mortgage Market Survey reported that the average 30-year fixed-rate mortgage was 7.24%, down from 7.32% the prior week. The 15-year fixed average fell to 6.60% from 6.68%. Freddie Mac said the 30-year rate reached its lowest level of October and modestly improved purchasing power.
- 01Down 8 basis points for the week
- 02The 15-year average was 6.60%
- 03The 30-year rate was 6.17% a year earlier
Rates remain materially higher than a year earlier
In the comparable week of 2025, the 30-year average was 6.17% and the 15-year average was 5.41%. A lower weekly rate can reduce scheduled payment or increase proceeds at the margin, but the year-over-year comparison still signals a more demanding financing environment for some buyers and refinancers. Property income, insurance, taxes, reserves, valuation, leverage, and lender spreads also affect feasibility.
The survey is a residential benchmark, not a commercial quote
PMMS is based on thousands of conforming residential-loan applications submitted through Freddie Mac's Loan Product Advisor. Commercial real-estate, bridge, construction, multifamily, owner-occupied, portfolio, and SBA financing can use different benchmarks, spreads, floors, amortization, recourse, fees, and underwriting. A borrower should not substitute the PMMS average for a binding lender quote or rate lock.
Practical borrower takeaway
Refresh lender indications and model benchmark, spread, floor, fees, amortization, maturity, rate lock, extension, and prepayment terms. Recalculate DSCR, debt yield, LTV, cash-on-cash return, refinance proceeds, and required equity under base and higher-rate cases. For an acquisition or maturity, preserve time for appraisal, insurance, title, environmental, and credit review, and maintain a liquidity plan if proceeds fall or closing is delayed.
Real-estate borrowers should update actual lender quotes, debt service, DSCR, debt yield, rate-lock timing, proceeds, and exit assumptions instead of applying a residential survey rate directly to commercial financing.
Discuss a financing need →This independent summary is based on the cited source and is provided for general educational purposes only. Terms and program requirements may change.