Freddie Mac mortgage rates fell this week, with the average United States 30-year fixed loan at 7.32% in the survey published on 22 October 2026. That is down from 7.40% a week earlier and the first weekly decline since 20 August. The 15-year fixed average slipped to 6.68%.
What the 22 October Survey Reported
Freddie Mac, the United States government-sponsored company that buys mortgages from lenders and packages them into securities, publishes its Primary Mortgage Market Survey every Thursday at noon Eastern Time. The 22 October edition moved both headline averages down.
| Loan type | 22 October 2026 | Week earlier | Year earlier |
|---|---|---|---|
| 30-year fixed | 7.32% | 7.40% | 6.19% |
| 15-year fixed | 6.68% | 6.71% | 5.44% |
The 30-year average is 8 basis points below last week and 1.13 percentage points above the same week in 2025, figures taken from Freddie Mac’s published survey table. A basis point is one hundredth of a percentage point.
Sam Khater, Freddie Mac’s chief economist, said in the release that the average 30-year fixed-rate mortgage declined this week, offering some relief to prospective homebuyers. The company published no forecast alongside the reading.
Why This Is the First Drop in Nine Weeks
The last time the survey’s 30-year average fell week on week was 20 August 2026, when it read 6.65%. Every reading between then and 15 October either rose or held flat, taking the average up 75 basis points over that stretch.
- 20 August 2026: 6.65%, the last weekly decline before this one.
- 17 September 2026: 6.95%, after the Federal Reserve raised its target range.
- 1 October 2026: 7.28%, a 25-basis-point jump in one week.
- 8 and 15 October 2026: 7.40% in both weeks.
- 22 October 2026: 7.32%, down 8 basis points.
As of 22 October 2026, the United States 30-year fixed average stands at 7.32% in Freddie Mac’s survey, down from 7.40% the previous week and up from 6.19% a year earlier. The weekly series is published by the Federal Reserve Bank of St. Louis in its MORTGAGE30US dataset, which carries the 6.65% August reading.
The site reported the same survey at 7.40% earlier in October.
Who the 7.32% Average Describes
The figure is not a rate any particular borrower is offered. Freddie Mac’s survey covers conventional, conforming, fully amortising home purchase loans made to borrowers who put 20% down and have excellent credit.
Each term in that sentence narrows the pool. Conventional means the loan is not insured by a government agency such as the Federal Housing Administration. Conforming means it falls within the loan-size limits set for mortgages that Freddie Mac and Fannie Mae can buy. Fully amortising means the scheduled payments retire the balance by the end of the term.
Three groups therefore sit outside the average: borrowers refinancing rather than buying, borrowers putting down less than 20%, and borrowers with credit scores below the top tier. The survey is also a national United States average, so it describes no single state or lender.
How the Survey Compares With Daily Rate Quotes
Several trackers published their own 30-year figures on the same day, and they did not agree with Freddie Mac or with each other.
- Freddie Mac weekly survey, 22 October 2026: 7.32%.
- Mortgage News Daily daily index, 22 October 2026: 7.30%.
- Mortgage Research Center, cited by Forbes Advisor on 22 October 2026: 7.31%.
- Zillow, cited by U.S. News on 22 October 2026: 7.422%.
Two things explain most of the spread. The survey is a weekly average built from loan applications submitted to Freddie Mac through its Loan Product Advisor system, so it lags a fast-moving day. The daily trackers quote different borrower profiles and different points-and-fees assumptions.
Timing matters as well. Because the survey lands at noon Eastern Time on Thursday, rate pages updated earlier that morning were still carrying the 15 October figure of 7.40% when the new reading was published.
What Moved Rates This Week
Mortgage rates track the 10-year Treasury yield closely. Freddie Mac’s own research found that 98% of the weekly variation in average 30-year fixed rates since 1990 can be explained by weekly variation in that yield.
The 10-year yield eased in the days before the survey. CNBC put it at 5.123% on 21 October 2026, and reports on 22 October placed it near 5.08%. That is below the early-October peak of about 5.35%, the highest since 2002. The yield first crossed 5% in September.
The Federal Open Market Committee, the Federal Reserve body that sets the United States policy rate, meets on 27 and 28 October 2026. Its target range is 3.75% to 4.00% following a quarter-point increase on 16 September, which the committee approved by 12 votes to none. Futures markets were pricing a hold as the base case in the days before the meeting. The Fed does not set mortgage rates directly; it sets the overnight rate banks charge each other, and long-term mortgage pricing follows the bond market.
Forecasters disagree about where the 30-year rate settles next year. Fannie Mae and the Mortgage Bankers Association published different 2027 paths in October.
Frequently Asked Questions
What Are Freddie Mac Mortgage Rates Right Now?
The Primary Mortgage Market Survey put the United States 30-year fixed average at 7.32% and the 15-year fixed average at 6.68% on 22 October 2026. Both figures are weekly averages, not quotes.
When Does Freddie Mac Publish the Survey?
Every Thursday at noon Eastern Time. The next reading is due on 29 October 2026, the day after the Federal Open Market Committee announces its decision.
Why Is My Lender Quoting a Different Rate?
The survey describes conventional, conforming purchase loans for borrowers with 20% down and excellent credit, averaged across the United States. Individual quotes vary by credit score, deposit size, loan size, property type, state and lender.
Does the Survey Include Points and Fees?
The published average is the contract interest rate. It is not an annual percentage rate, so it does not fold in points, origination charges or other closing costs, which is one reason lender APRs read higher.
