Mortgage Rates This Week: 7.32% and the First Change-Up Since August

After weeks of fastballs coming in high and tight, rates finally threw us a change-up. It’s not a home run for buyers, but it’s the first time since late August that the pitch came in a little slower. ⚾

The Numbers

Here’s Freddie Mac’s survey from October 22, 2026:

• 30-year fixed: 7.32% (last week 7.40%, a year ago 6.19%)
• 15-year fixed: 6.68% (last week 6.71%, a year ago 5.44%)

That’s the first weekly drop in the 30-year rate since late August. Freddie Mac’s chief economist, Sam Khater, called it “some relief to prospective homebuyers.”

What It Means for Your Wallet

Monthly principal and interest on a 30-year loan (not including taxes, insurance or fees):

• $300,000 loan: about $2,061/month. That’s $16 less than last week and $225 more than a year ago.
• $400,000 loan: about $2,748/month. That’s $22 less than last week and $300 more than a year ago.

One week doesn’t make a trend. Still, after climbing every week since September, a step back is welcome news.

If You’re Buying

Rates are still well above where they were a year ago, so focus on the payment, not the headline rate. Get pre-approved, know your monthly comfort zone, and ask your lender about rate locks and float-down options. If rates keep easing, more buyers will jump back in, so the folks who are ready now get the better pick of homes.

If You’re Selling

Buyers are watching every tick in rates. A small drop like this can bring people off the bench. Homes that are priced right from day one still sell, and the overpriced ones sit. Let’s talk about where your home fits in today’s market.

If You’re Downsizing or Retired

If you’re paying cash or carrying a big chunk of equity, higher rates hit you less than most buyers. That can be a real edge when you’re competing for a smaller home or a condo. The key is timing the sale and the purchase so you’re not paying for two homes, or moving twice.

One Question for You

Would a rate in the 6s get you off the bench, or are you already warming up? Let me know in the comments. 👇

Larry “Closer” Hess, REALTOR®, SRES, ABR
Coldwell Banker Realty | Team Shope
C. 717.875.0598 | O. 717.534.2442
larryhessrealtor@gmail.com

Source: Freddie Mac Primary Mortgage Market Survey, October 22, 2026. Payments are estimates for principal and interest only.