Mitir Patel/Insights/November 2, 2026
Rates fell again, to 7.24%. Still well above last year.
Mortgage rates fell for a second week in a row. The average 30-year rate was 7.24% in Freddie Mac's October 29 survey, down from 7.32% the week before and 7.40% in mid-October.
On a $400,000 loan, principal and interest comes to about $2,726 a month. That's roughly $44 less than two weeks earlier, but about $284 more than a year ago, when the rate was 6.17%.
Asking prices are higher than last year, too. The typical Chicago-area asking price was about $389,000 in September, around 5% above a year earlier, according to Realtor.com.
Two better weeks are welcome, but they aren't a forecast. If you're shopping, ask your lender to re-quote your rate, and decide on a monthly payment that works for you before you start touring.
Have a question about your own numbers? I'm glad to talk it through.
Where the numbers come from
- 30-year fixed mortgage rate — 7.24%, down from 7.32% prior week; 6.17% a year ago (as of Survey of Oct 29, 2026 (latest release)) · Freddie Mac Primary Mortgage Market Survey
- Second weekly decline; 7.40% in mid-October — 7.40% on Oct 8 and Oct 15, 7.32% Oct 22, 7.24% Oct 29 (as of Oct 8 – Oct 29, 2026) · Freddie Mac PMMS via FRED
- Monthly payment illustration, $400,000 loan, 30 years — Computation: principal + interest $2,725.99 at 7.24% vs $2,769.52 at 7.40% (−$43.53, "two weeks earlier" = Oct 15 survey) and $2,442.09 at 6.17% (+$283.90). Excludes taxes, insurance, HOA (as of Rates as of Oct 15 and Oct 29, 2026; Oct 30, 2025) · —
- Median listing (asking) price, Chicago metro (Chicago-Naperville-Elgin) — $389,450 vs $372,288 in September 2025; computation: +4.6% ("around 5%") (as of September 2026) · Realtor.com Residential Listings Database via FRED
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