The average top-tier 30-year fixed mortgage rate dropped 0.10 point to 7.30% on Oct. 22, its lowest level since Sept. 23, when it stood at 7.26%.
Disappointing earnings and guidance from several major tech companies deepened a broader rethink of AI-driven growth and spending, triggering heavy stock selling.
That shift pushed investors toward safer U.S. Treasuries and mortgage-backed securities, lifting bond demand and pulling mortgage rates lower.
Higher financing costs for Coreweave and other riskier names had already signaled rising concern about future returns, and Thursday's move extended that rotation out of tech.
As AI giants burn through cash with delayed returns, will this escalating tech panic become the ultimate catalyst for plummeting mortgage rates?
With power grids choking on AI's energy demands, could this physical infrastructure bottleneck inadvertently keep borrowing costs low for everyday homebuyers?