Mortgage Rates Just Fell for a Second Straight Week

Mortgage rates just dropped for the 2nd week in a row.

Freddie Mac, Oct. 29

• 30-year fixed: 7.24% (from 7.32% last week and 7.40% at the October peak)
• 15-year fixed: 6.60% (from 6.68%)
• A year ago: 6.17%

On a $400K loan (principal + interest)

• About $44/month less than at the 7.40% peak
• About $284/month more than last October

Relief, yes. Reset, no. Buyers who were priced out at 7.40% are worth a call this week.

What it means

• Buyers: a lower rate shrinks the monthly payment on the same price, so re-run your numbers with a lender before deciding a home is out of reach.
• Sellers: buyers who paused at the October peak may be back in the market. Fresh photos and a sharp price help you catch them.
• Agents: rates follow the bond market, not the Fed directly. Here is how the Fed's Oct. 28 decision fits in.