Mortgage rates ease to 7.32% but remain more than a point above last year

The average U.S. rate on a 30-year fixed mortgage declined to 7.32% for the week reported October 22, according to Freddie Mac. That was eight basis points below the previous week's 7.40% average but 1.13 percentage points above the 6.19% reading from the same week a year earlier.

The 15-year fixed-rate average moved down to 6.68% from 6.71%. A year earlier, the comparable rate was 5.44%. The week-to-week declines therefore provided limited relief without reversing the much higher financing costs facing borrowers compared with late October 2025.

Freddie Mac's Primary Mortgage Market Survey is based on thousands of purchase-mortgage applications submitted to its Loan Product Advisor system by lenders across the country. The published figures are national averages for qualifying conventional, conforming single-family loans; an individual borrower's rate can differ because of credit, down payment, loan structure and market conditions.

For homebuilders, real-estate firms and household-facing businesses, the annual comparison is the more consequential part of this week's reading. A small weekly decline can improve a payment quote at the margin, but rates remaining above 7% preserve pressure on affordability. The survey does not measure Indiana-specific quotes or guarantee the rate available to any borrower.

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