Mortgage Rates Fall to 7.24%, Cutting Payments by $19 on $430,000 Homes
Updated
Updated · Realtor.com News · Oct 30
Mortgage Rates Fall to 7.24%, Cutting Payments by $19 on $430,000 Homes
3 articles · Updated · Realtor.com News · Oct 30
Summary
Freddie Mac’s average 30-year fixed rate fell 8 basis points to 7.24% in the week ended Oct. 29, marking a second straight weekly decline after autumn’s sharp run-up.
At that rate, a buyer putting 20% down on a $430,000 home would pay about $2,344 a month in principal and interest, down from $2,363 a week earlier.
FHA-style buyers putting 3.5% down would pay roughly $2,828 monthly, a $22 weekly drop, though still $295 more than at the 6.17% average rate a year earlier.
Over 30 years, today’s 7.24% rate trims borrowing costs versus the 7.79% peak in October 2023, saving about $46,663 for conventional borrowers and $56,287 for FHA borrowers.
The relief remains limited because rates are still well above last year’s levels, keeping affordability pressure on homebuyers even as payments stabilize.