Freddie Mac’s 30-year U.S. mortgage average fell for a second week to 7.24%, while the Mortgage Bankers Association’s purchase index remained 18% below a year earlier.
Freddie Mac’s rate was down from 7.32% a week earlier but above 6.17% a year earlier. Its 15-year fixed mortgage average also declined, to 6.60% from 6.68%; that rate was 5.41% a year earlier. Freddie Mac’s weekly survey covers rates offered from Thursday through Wednesday.
The MBA’s seasonally adjusted purchase index increased 4% in the week ended Oct. 23. Its total application index rose 3.4%, seasonally adjusted, from the prior week, following a 5.3% decline in the week ended Oct. 16, detailed in EconoTimes’ report on the earlier application decline. Despite the weekly increase, the purchase index was 18% below its level for the same week in 2025. The refinance index gained 3% week over week but was 61% lower year over year.
In a separate measure, the MBA put the average contract rate for 30-year fixed-rate conforming mortgages with balances of $832,750 or less at 7.37% for the week ended Oct. 23, down from 7.41%. The MBA and Freddie Mac readings come from separate surveys and cover different periods.
The U.S. Treasury’s daily par-yield table listed the 10-year yield at 4.98% on Oct. 29. The Associated Press reported that mortgage pricing also responds to changes in 10-year Treasury yields. On Oct. 28, the Federal Reserve kept its federal funds target range at 3.75% to 4% and said inflation remained elevated. The federal funds target and the 30-year mortgage average measure different borrowing costs.
