Mortgage rates fell for a second straight week. Freddie Mac's survey dated October 29 put the 30-year fixed at 7.24%, down from 7.32% the week before and 7.40% the week before that. The 15-year fixed dropped to 6.60% from 6.68%, its third weekly decline in a row. Back-to-back declines in the 30-year had not happened since August.
The bigger news came on Wednesday. The Federal Reserve held its target range at 3.75% to 4.00%, and the bond market kept rallying anyway. The 10-year Treasury closed under 5% on four of the last five trading days. Here is where things stand and what it means for your loan.
| Rate | Latest | Prior Week | Change |
|---|---|---|---|
| 30-year fixed | 7.24% | 7.32% | ▼ −0.08 |
| 15-year fixed | 6.60% | 6.68% | ▼ −0.08 |
| 30-year minus 15-year | 0.64 | 0.64 | — unchanged |
| Fed funds rate (effective, monthly average) | 3.88% (Oct.) | 3.75% (Sept.) | ▲ +0.13 |
| Fed funds target range (held Oct. 28) | 3.75%–4.00% | 3.75%–4.00% | — unchanged |
| Prime rate | 7.00% | 7.00% | — unchanged |
Quick read: The 30-year is down 0.16 points from its October 8 and 15 peak of 7.40%, and sits at its lowest since the September 24 survey. The Fed did not move, but two members wanted a hike. Prime is unchanged, so variable HELOC rates should hold until at least the December meeting. The effective funds rate in the table is a monthly average, and October's reading is the first full month at the current target range.
The Federal Open Market Committee ended its October 27–28 meeting by leaving the federal funds target range at 3.75% to 4.00%, where it has been since the September 16 increase. According to the Fed's statement, inflation remains elevated and the Committee wants more information before it decides on the appropriate policy stance. It also repeated that it will deliver price stability.
The vote was not unanimous. Governor Lisa Cook and Cleveland Fed President Beth Hammack voted against the decision because they preferred to raise the range by a quarter point at this meeting. That matters for anyone with a variable-rate HELOC: two dissents for a hike mean the next meeting, on December 8–9, is live. September's inflation report came in hotter than expected, and the next one, for October, is due November 10.
Here is the 30-year's path since the climb began, according to Freddie Mac:
| Survey date | 30-year fixed | 15-year fixed | 30-year weekly change |
|---|---|---|---|
| August 20 | 6.65% | 5.95% | — |
| September 24 | 7.03% | 6.42% | ▲ +0.08 |
| October 1 | 7.28% | 6.60% | ▲ +0.25 |
| October 8 | 7.40% | 6.73% | ▲ +0.12 |
| October 15 | 7.40% | 6.71% | — 0.00 |
| October 22 | 7.32% | 6.68% | ▼ −0.08 |
| October 29 | 7.24% | 6.60% | ▼ −0.08 |
The last time the 30-year fell two weeks in a row was the surveys dated August 13 and August 20, right before the seven-week climb started. The 15-year's three straight declines are its longest run of decreases since that same August stretch, and 6.60% matches its October 1 reading. Compared with a year ago, when Freddie Mac's October 30, 2025 survey showed 6.17% and 5.41%, the 30-year is still up about 1.07 points and the 15-year about 1.19 points.
Thirty-year mortgage rates follow the 10-year Treasury yield more closely than they follow the Fed. According to the U.S. Treasury's daily yield curve, the 10-year closed at 5.13% on October 21 and then dropped to 4.96% on October 22, a 0.17-point move in a single day. It held near 5.00% into the Fed meeting, rose to 5.05% on decision day, and then fell again: 4.98% on Thursday, 4.94% on Friday, October 30, and 4.91% on Monday, November 2. That is the lowest close since September 9, and it is 0.40 points below the October 5 high of 5.31%.
Freddie Mac's October 29 survey collects quotes over several days, so it caught the October 22 drop but not the moves since. If yields stay near current levels, Thursday's survey could show a third weekly decline. If they bounce, it may not.
Lower yields are not a promise: The 10-year has reversed direction more than once this fall. A hot inflation print on November 10 or a strong jobs report on November 6 could push yields, and mortgage rates, back up. Nothing here predicts the rate you will be offered.
On a $600,000 30-year loan, principal and interest at 7.24% comes to about $4,089 a month. That is roughly $33 less than at last week's 7.32% and about $65 less than at the 7.40% peak. Against August 20's 6.65%, when the same loan ran about $3,852, the climb since late summer still adds roughly $237 a month. Against a year ago at 6.17%, about $3,663 a month, the difference is roughly $426 a month, or about $5,100 a year.
At 6.60%, a $600,000 15-year loan runs about $5,260 a month, roughly $26 less than at last week's 6.68%. A year ago at 5.41%, the same 15-year loan ran about $4,874. (Estimates assume principal and interest only on a $600,000 loan for the full stated term, with no property taxes, insurance, HOA dues, or mortgage insurance. Your rate and payment will differ.)
Free rate check in 2 minutes. No credit pull, no obligation. A licensed advisor responds within 24 hours.
Check My Rate →A dip to 7.24% does not change your math. A $600,000 balance at 4% costs about $2,864 a month in principal and interest, roughly $1,225 below the same loan at today's average. A cash-out refinance would reprice that entire balance. If you need cash for a remodel, tuition, or paying down higher-rate debt, a HELOC or home equity loan borrows against your equity as a second lien and leaves the low-rate first mortgage alone. Start with our guide to tapping equity without refinancing or a free equity estimate.
The Fed's hold means your rate should stay put for now. Most variable HELOCs are priced off prime, which FRED shows at 7.00%, unchanged since September 17. Prime moves with the Fed's target range, and the next decision is December 9. The two dissents for a hike are the thing to watch: if inflation stays elevated and the Committee moves in December, prime would typically rise by the same amount within a day or two. If you carry a large balance and want a predictable payment before then, ask your lender whether part of the line can be converted to a fixed rate, or compare a fixed-rate home equity loan using this comparison.
A common rule of thumb is that refinancing starts to make sense when you can lower your rate by roughly 0.75% to 1% after costs. Against a 7.24% survey average, that generally points to a current rate near or above 8%. Two weeks of declines have brought that bar down a little, so it is worth having your numbers ready: balance, closing costs, and how long you plan to stay. If you also want cash out, compare a HELOC with a cash-out refinance in our California breakdown first.
Rates are drifting in your favor, but this week brings two reports that could change that: the October jobs report on Friday and the inflation report next Tuesday. Many lenders offer float-down options or longer lock periods, and it is fair to ask what each one costs. The bigger lever is still competition: the gap between offers on the same file is often larger than a week of survey movement, which is why shopping through a broker rather than a single bank can matter more than the day you lock.
Survey averages are a starting point, not your rate. If you work for a major California organization such as Kaiser Permanente or LAUSD, you may qualify for discounted mortgage and home equity pricing through MyRateAdvisor's lender relationships. Checking eligibility is free and does not require a credit pull.
Freddie Mac's next survey publishes Thursday, November 5. It will be the first to fully reflect the drop in Treasury yields since the Fed meeting, so it will show whether the two-week decline becomes three. The October jobs report lands Friday, November 6, and the October inflation report follows on Tuesday, November 10. Those two prints will shape the odds of a December hike, which is the next thing that could move prime and HELOC rates. We will cover each one as it lands.
Source: Freddie Mac Primary Mortgage Market Survey via FRED, as of October 29, 2026. Prior-week figures, the weekly 30-year and 15-year averages from August 13 through October 29, 2026, the October 30, 2025 readings of 6.17% and 5.41%, and the consecutive-decline comparisons are calculated from the same FRED series (MORTGAGE30US, MORTGAGE15US). Effective federal funds rate (September and October monthly averages) and bank prime loan rate (through October 27, 2026): FRED. 10-year Treasury yields for October 5 through November 2, 2026: U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates. Federal funds target range, the October 28 decision, and the dissenting votes: Federal Reserve, FOMC statement, October 28, 2026. Survey rates are national averages for conventional, conforming loans for borrowers with excellent credit, and may differ from the rate you are offered. Payment figures are illustrative estimates based on the assumptions stated in the article. This article is general information, not financial advice. Talk to a licensed advisor about your specific situation. MyRateAdvisor NMLS #1598577.