US 30-Year Mortgage Rate Drops to 7.24% for Second Consecutive Week

The average rate on a 30-year fixed U.S. mortgage fell to 7.24% for the week ending October 29, 2026, its lowest level in more than a month and the second consecutive weekly decline. The rate had been as high as 7.40% as recently as October 8 before pulling back to 7.32% on October 22 and continuing lower this week.

The back-to-back drops offered modest relief to prospective homebuyers who have faced persistently elevated borrowing costs throughout much of 2026. Mortgage applications rose 3.4% in the week ending October 28, the first increase in seven weeks, though purchase applications remained 18% below year-ago levels, underscoring how much ground the housing market has yet to recover. The Federal Reserve held interest rates unchanged at its October meeting, a move that had been widely anticipated by markets.