Mortgage Rates Week of Nov 1: 7.24% 📉

The average 30-year fixed mortgage rate fell this week, landing at 7.24% according to Freddie Mac's Primary Mortgage Market Survey (PMMS).

This Week's Numbers

What This Means for Buyers

Good news for homebuyers! Lower rates mean more purchasing power. At 7.24%, a $400,000 home now has a monthly payment about $53 less than last week. If you've been waiting on the sidelines, this could be a good time to get pre-approved and start your home search.

What This Means for Refinancers

Rates are trending in the right direction for refinancers. If your current rate is above 7.99%, now might be a good time to run the numbers. Remember to factor in closing costs—typically 2-5% of the loan amount—when calculating your break-even point.

Market Context

Rates at 7.24% are higher than we've seen in recent years, but remain below the long-term historical average of about 7.7%. Focus on improving your financial profile to qualify for the best rates available.

Rate Trend

This is the first week of the current trend. If you're in the market, this downward momentum could continue, but there are no guarantees.

Next Steps

Ready to see what rate you qualify for? Use our mortgage calculator to estimate your monthly payment, or explore rates in your state.

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Rates shown are national averages from Freddie Mac's Primary Mortgage Market Survey (PMMS), released October 29, 2026. Your actual rate will depend on your credit score, down payment, loan amount, and other factors. Always shop multiple lenders to find the best rate.

Affiliate Disclosure: AmCalc may receive compensation when you click links to our partner lenders. This does not influence our rate reporting, which comes directly from Freddie Mac.