Compiled from reports by The San Joaquin Valley Sun, ABC Columbia and Yahoo Finance. See the original articles linked below.
This article reports news and is not financial advice.
The average interest rate on a 30-year fixed-rate mortgage in the United States fell to 7.32% this week, down from 7.40% a week earlier, according to Freddie Mac figures cited by several outlets on October 22, 2026.
The San Joaquin Valley Sun reported that this was the first decline since late August. ABC Columbia, in a piece credited to CNN, headlined the change as the first fall in nine weeks and said it followed two months of increases. Yahoo Finance gave a slightly different description, saying the dip came after seven consecutive weekly rises that had taken rates to three-year highs.
Year-on-year and 15-year figures
The San Joaquin Valley Sun said the 30-year average stood at 6.19% a year earlier. Yahoo Finance reported the same year-ago figure. The Sun added that the 15-year fixed rate eased to 6.68% from 6.71% the previous week, compared with 5.44% a year ago.
What the outlets say drove the move
ABC Columbia, citing CNN, said the decline followed easing in the 10-year Treasury yield, which mortgage rates closely track. Yahoo Finance reported that the 10-year yield averaged about 5.13%, down from 5.24% the week before, and said investors had moved into government bonds amid weakness in stock and technology markets and the continuing conflict involving Iran.
The San Joaquin Valley Sun said mortgage rates have climbed since February, partly because the U.S. war with Iran pushed up oil prices and inflation and increased volatility in the bond market. It said the 10-year yield has eased after reaching its highest level since 2002. According to the Sun, the 30-year rate briefly dipped to 5.98% in late February, and the rise since then has added roughly $355 to the monthly cost of a $400,000 mortgage, which it said has slowed home sales.
ABC Columbia reported that the weekly drop was the largest in more than six months.
Housing data and outlook
Yahoo Finance reported that September housing starts fell 5.2% from August and 7.4% from a year earlier, and that pending home sales reached the lowest level on record, according to the National Association of Realtors. It quoted Jake Krimmel of Realtor.com as cautioning against reading too much into the dip, noting that rates had risen about 74 basis points in just over a month. Yahoo Finance said he described the damage to the fall housing market as largely done. The outlet also cited Realtor.com data showing contract signings down 9.8% from a year earlier, listings up 7.7% and a median asking price steady at $415,000.
ABC Columbia reported that most analysts think the housing market will not meaningfully pick up until rates fall below 7%.
On the interest-rate outlook, Yahoo Finance said markets put about 85% odds on the Federal Reserve leaving its federal funds rate at 3.75%–4% at its next meeting, and about 90% odds of a rate increase in December. The San Joaquin Valley Sun reported that Fannie Mae expects the 30-year rate to average 7.4% in the final quarter of 2026 and 7.5% in 2027.
Sources
- Mortgage rates ease to 7.32%, marking first decline since August (The San Joaquin Valley Sun, 2026-10-22)
- Mortgage rates fall for 1st time in 9 weeks (ABC Columbia, 2026-10-22)
- Mortgage Rates Drop for First Time in 2 Months as Stock Market Jitters Drive Investors to Bonds (Yahoo Finance, 2026-10-22)
This article was compiled with AI assistance from the reports listed above and reviewed by GMA before publishing.