New Mortgage Offers Got a Little Cheaper. Old Fixed Loans Did Not.

Freddie Mac's weekly survey put the average 30-year fixed mortgage at 7.32% as of October 22, 2026, down from 7.40% the week before. The 15-year average was 6.68%, down from 6.71%. A year earlier those rates were 6.19% and 5.44%.

This is not the Mortgage Bankers Association reading near 7.41% reported earlier. Freddie Mac averages applications submitted through its Loan Product Advisor from the prior Thursday through Wednesday, covering conventional conforming purchase loans. It is a national average, not one borrower's quote, and this series no longer includes points.

The dip can trim the rate used to price some new loans. It does not rewrite a fixed-rate mortgage that has already closed. A buyer or refinancer may see a slightly lower offer than last week's Freddie average, but both rates remain well above last October.

Adjustable-rate loans are outside this release. Credit, fees, and local prices still shape the payment.

Could the drop to 7.32% lower a fixed mortgage payment you already have? No. Freddie Mac's October 22 average applies to new applications in its survey. An existing fixed payment stays at the rate in the contract.