{
  "id": 17106085,
  "title": "US mortgage rates fall for second week, but 30-year fixed rate remains above 7%",
  "url": "https://urgent.news/2026/10/29/us-mortgage-rates-fall-for-second-week-but-30-year-fixed-rate-remains",
  "topic": "world",
  "section": "World",
  "published": "2026-10-29T18:51:20.000Z",
  "source": {
    "name": "Hindustan Times - World News",
    "slug": "hindustan-times-world-news",
    "url": "https://www.hindustantimes.com/world-news/us-news/us-mortgage-rates-fall-for-second-week-but-30-year-fixed-rate-remains-above-7-101793298469328.html"
  },
  "original_language": "en",
  "account": "US mortgage rates experienced a second consecutive weekly decline, yet they continue to sit above the 7% threshold. According to data from Freddie Mac, the average mortgage rate fell to 7.24% this week, a drop from 7.32% the previous week. The 30-year fixed mortgage rate persists above 7%, making homeownership financially challenging for many. Despite a slight reduction in borrowing costs, high monthly mortgage payments continue to deter potential buyers. Treasury yields remained near 5% during the same period, mirroring mortgage rates closely. The Federal Reserve maintained its key interest rate steady on Wednesday, leading to minimal movement in bond yields and mortgage rates following the announcement. High borrowing costs still pose a significant challenge for homebuyers as they navigate the housing market. While mortgage rates have shown slight improvement, many remain unable to afford the homes they desire. Mortgage Bankers Association President and CEO, Bob Broeksmit, highlighted the impact of these high loan costs on prospective buyers. Mortgage applications for home purchases saw a 4% increase, rising from the previous week's figures. However, these applications remain 18% lower than last year's levels, underscoring the reluctance of many buyers to enter the market due to lingering high borrowing costs. Refinancing applications, however, have plummeted by more than 60%, reflecting the continued impact of elevated borrowing costs on refinancing activity. The 30-year fixed mortgage rate was 7.15% as of October 29, 2026, while the latest 30-year fixed refinancing rate stood at 7.05% on October 29, 2026, according to Zillow data. As with any financial decision, borrowers must consider their personal financial situation and the broader economic environment when choosing between a 15-year and a 30-year mortgage. While a 30-year mortgage offers lower monthly payments, it results in paying more interest over the life of the loan. Conversely, a 15-year mortgage, with its lower interest rate and shorter repayment period, can save borrowers money in the long run but comes with higher monthly payments.",
  "summary": "US mortgage rates fall for a second week to 7.24%, but the 30-year rate stays above 7% as high borrowing costs continue to affect homebuyers.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}