Average long-term US mortgage rate eases to 7.32% in first pullback since late August - Yahoo Finance
Average long-term US mortgage rates saw a slight decline to 7.32%, marking the first pullback since late August. The shift is attributed to easing 10-year Treasury yields, though rates remain significantly higher than the previous year due to inflation and geopolitical tensions.
Why it matters
Mortgage rate fluctuations directly impact housing affordability and the broader US real estate market.
Average long-term US mortgage rate eases to 7.32% in first pullback since late August A sign stands in front of a new home construction site in Deerfield, Ill., Wednesday, Oct. 14, 2026. (AP Photo/Nam Y. Huh) · Associated Press · AP Photo/Nam Y. Huh ALEX VEIGA Fri, October 23, 2026 at 12:00 AM GMT+8 2 min read FMCC -2.04% Mortgage rates fell this week for the first time since late August, easing some of the pressure on prospective homebuyers facing higher borrowing costs on home loans.
The benchmark 30-year fixed-rate mortgage dropped to 7.32% from 7.40% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.19%.
Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also eased this week. That average rate slipped to 6.68% from 6.71% last week. A year ago, it was at 5.44%.
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