Mortgage rates eased for a second straight week. Freddie Mac's weekly survey, released Thursday, October 29, put the average 30-year fixed-rate mortgage at 7.24%, down from 7.32% last week and the lowest level this month. The 15-year fixed averaged 6.60%, down from 6.68%. Freddie Mac's chief economist said the dip modestly boosted purchasing power for prospective buyers.
Why it matters: the relief is real but limited. A year ago the 30-year average was 6.17%, so South Florida buyers still face rates more than a point higher than last fall, on top of high prices, property taxes and insurance. Two weekly drops do not make a trend. If you are close to buying or refinancing, compare written loan estimates from two or three lenders on the same day — rate, points and lock period side by side — rather than waiting for a bigger drop that may not come.
