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Economy

US Mortgage Rates Fall For First Time In Two Months

Meanwhile, 49.1% of outstanding mortgages carried interest rates of 4% or lower in the second quarter, highlighting the gap between existing homeowners and current buyers.

,   and  TIPP Staff
2 min read
Mortgage rates drop for the first time in 2 months, but demand still falls further. Pic via(@CNBC)

The average US rate on a 30-year fixed mortgage fell to 7.26% APR for the week ending October 22, marking its first decline in two months, according to rates provided to NerdWallet by Zillow. Rates nevertheless remain above 7%.

High borrowing costs and labor shortages continue to weigh on home construction. A report from the National Association of Home Builders and Wells Fargo found builder sentiment at its lowest level in 14 years.

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Pending home sales also weakened in September, falling 7.3% from the previous month and 11.3% year over year, according to the National Association of Realtors. All four US regions recorded declines.

Meanwhile, 49.1% of outstanding mortgages carried interest rates of 4% or lower in the second quarter, highlighting the gap between existing homeowners and current buyers.

Although mortgage rates were higher 30 years ago at 7.86%, the median home price was just $121,400, compared with $417,500 in September 2026.

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