Mortgage rates fell to 7.24%: what to tell your clients this week
Mortgage rates went down again this week. It is a small move, but it is real news your buyers, sellers and past clients may have seen on their phones. Here is what changed, what it does and doesn't mean, and simple ways to bring it up with clients this week.
What the numbers say
Freddie Mac's weekly Primary Mortgage Market Survey, released Thursday, October 29, 2026, showed:
- 30-year fixed: 7.24%, down from 7.32% the week before. A year ago it averaged 6.17%.
- 15-year fixed: 6.60%, down from 6.68% the week before. A year ago it averaged 5.41%.
Freddie Mac's chief economist, Sam Khater, said in the release that the 30-year rate "declined again this week, reaching its lowest level this month and modestly boosting purchasing power for prospective buyers." Freddie Mac's weekly archive shows it is the second straight weekly decline and the lowest reading since September 24, when the 30-year averaged 7.03%.
How we got here
The same archive tells the story in a few data points:
Late February: the year's low
The 30-year averaged 5.98% on February 26, 2026, the lowest weekly reading in Freddie Mac's 2026 archive.
September: a sharp climb
The rate went from 6.71% on September 3 to 7.03% on September 24, then 7.28% on October 1.
October 8 and 15: the peak
Two weeks in a row at 7.40%, the highest weekly readings in Freddie Mac's 2026 archive.
October 22 and 29: two drops in a row
Down to 7.32%, then 7.24%. That is 0.16 percentage points off the peak in two weeks.
So the honest summary is: rates are still well above where they were a year ago and earlier this year, but the direction over the last two weeks has been down.
What a 0.16-point drop means for a payment
Clients understand monthly payments better than percentages. Using the standard mortgage formula, here is principal and interest on a $400,000, 30-year fixed loan at the average rates above (our own math, for illustration only; taxes, insurance and the rate a given borrower actually gets will differ):
- At 7.40% (mid-October): about $2,770 a month
- At 7.24% (October 29): about $2,726 a month
That is roughly $44 a month, or a little over $500 a year, on that loan size. Not life-changing, but it is the kind of number that can move a buyer from "maybe in the spring" to "let's look at a few homes."
One caution worth repeating to clients: the Freddie Mac survey is a national average for conventional, conforming purchase loans for borrowers who put 20% down and have excellent credit. It is not a quote. Send them to their lender for their own rate.
Why this is a good reason to reach out
The hardest part of follow-up is having something worth saying. A rate move gives you a real, timely, non-salesy reason to contact three groups of people:
- Buyers who paused. Anyone who stopped looking when rates climbed in September and October. A quick note that rates have eased two weeks in a row is useful news, not pressure.
- Sellers on the fence. More buyers running their numbers again can mean more showings. It is a fair reason to check in on someone who was thinking about listing.
- Past clients. They don't need a pitch. A short "saw this and thought of you" keeps you top of mind for referrals.
Keep it factual. Don't predict where rates go next. Share what changed, offer to help them run the numbers with their lender, and set a next follow-up date either way.
Talk about it today
Copy, tweak and send. Each one sticks to Freddie Mac's published numbers.
The next Freddie Mac survey comes out Thursday at noon ET, so put a reminder on your calendar to share the update, whichever way it goes.
Make the follow-up automatic
Sending three texts today is easy. Remembering who you sent them to, who answered, and who to check in with next week is where follow-up falls apart. That is what TouchTempo does. It's a simple real estate CRM in Google Sheets: each contact gets a follow-up cadence, ready-to-send texts and emails, and a spot on your Today list when they're due. Log a touch and the next date sets itself.
Want help with the writing too? The optional AI follow-up assistant writes your follow-ups each morning. You review them and click send, and nothing goes out without your OK.
See it in action
Watch the narrated demo (about 8 minutes, no sign-up) to see how TouchTempo keeps every buyer, seller and past client on a follow-up schedule.
Watch the demo See pricingQuestions? Book a call with Bradley (5–8 PM ET).