The average 30-year fixed mortgage rate fell to 7.32% this week, Freddie Mac reported Thursday, October 22 — down from 7.40% last week and, according to the Associated Press, the first weekly decline since late August. The 15-year fixed eased to 6.68% from 6.71%. Freddie Mac's chief economist described the drop as "offering some relief to prospective homebuyers."
Why it matters: relief is real but small. A year ago the 30-year average was 6.19%, so South Florida buyers are still paying more than a full point above last fall, on top of high prices, taxes and insurance. One week's dip is not a trend. If you are close to buying, get written loan estimates from two or three lenders on the same day and compare the rate, points and lock period side by side rather than waiting on a bigger drop that may not come.
