Weekly mortgage rate update

Mortgage rates eased for a second consecutive week, a gentle and welcome stretch of relief after a rough autumn. The latest Freddie Mac Primary Mortgage Market Survey® (PMMS), released Thursday, October 29, put the 30-year fixed at 7.24%, down eight basis points from 7.32% the week before, and the 15-year fixed at 6.60%, down from 6.68%. With the next weekly release landing Thursday, November 5, this is the most current data available as of today. Here is the picture for Tri-Cities buyers and sellers, including what 7.24% means for a monthly payment on a $400,000 home.

This week’s rates

Data sourced from the most recent Freddie Mac PMMS release, for the week ending October 29, 2026 (the latest available as of this update):

Source: Freddie Mac Primary Mortgage Market Survey®, week ending October 29, 2026. Rates assume a credit score of 740, 20% down payment, and 0.8 discount points. Actual rates vary by borrower profile. Freddie Mac’s PMMS now reports the 30- and 15-year fixed rates only and no longer publishes a weekly 5/1 hybrid ARM average. Among private trackers, Bankrate’s national survey as of November 2, 2026 put the average 5/1 hybrid ARM APR near 6.52% (edging down to 6.35% the next day), HSH reported hybrid-ARM initial rates declining in the week ending November 2, and Mortgage News Daily showed the 7/6 SOFR ARM near 6.70% on November 2. The gap between hybrid ARMs and the 30-year fixed has narrowed to roughly 83 basis points, so the discount that once made them attractive has largely disappeared.

What happened this week

Two weeks of declines now: the 30-year fixed has fallen from 7.40% to 7.24% since mid-October, and the 15-year from 6.73% to 6.60% over the same stretch. This week’s eight-basis-point drop on both terms marks the first back-to-back decline since late summer, and it nudges the 30-year to its lowest reading in over a month. Let us still be careful not to over-read two weeks of movement. A year ago, the 30-year averaged 6.17% and the 15-year averaged 5.41%, so we remain about a point above where we stood last fall.

The broader driver has not changed: mortgage rates continue to track long-term Treasury yields, and those still sit elevated on the back of persistent inflation and strong economic growth. Fannie Mae now projects the 10-year Treasury near 4.6% for the third quarter with mortgage spreads to Treasuries holding wide at roughly 265 to 270 basis points, which is what keeps mortgage rates parked in the low sevens even as they drift down. What matters for your planning is less the direction of any single week and more how the level fits with your own timeline, which is where I want to focus your attention.

A note on adjustable-rate mortgages: this week’s official release reported the 30- and 15-year fixed rates only, and Freddie Mac’s PMMS no longer publishes a weekly 5/1 ARM average. Private trackers as of early November put the national average 5/1 hybrid ARM APR near 6.35% to 6.52%, with the 7/6 SOFR ARM near 6.70%, and HSH reports the gap to the 30-year fixed has narrowed to about 83 basis points. When a hybrid ARM is not offering a meaningful discount over a fixed rate, the predictability of a fixed-rate loan is usually the easier decision for a long-term home purchase.

What does 7.24% mean for your payment?

Let me put real numbers to this. If you are purchasing a $400,000 home in the Tri-Cities with 20% down ($80,000), your loan amount would be $320,000. Here is what that looks like at today’s rates:

Compared to last week, the 30-year’s monthly payment is roughly $17 less per month, and the 15-year is about $14 less, on that $320,000 loan. Compared to the summer low of 6.43% in early July, today’s rate is still about $170 more per month, and compared to a year ago at 6.17%, it is roughly $225 more per month. That is the honest cost of this season’s elevated level, and I know it can feel heavy. Two weeks of declines do not erase that gap, but they do remind us the trend is not a straight line, and that gives buyers room to act instead of standing still.

The 15-year fixed at 6.60% costs about $625 more each month than the 30-year but saves roughly $280,000 in total interest over the life of the loan. That trade-off fits some buyers beautifully and others not at all; it depends on your cash flow, your timeline, and your goals. That is why I always encourage clients to run the numbers for their own situation instead of assuming one term fits everyone.

The outlook from Fannie Mae

Fannie Mae’s Economic and Strategic Research Group published its October 2026 Economic and Housing Outlook on October 14, and it remains the most current forecast on record. The group sharply raised its rate outlook, now expecting the 30-year fixed to average 7.4% in the fourth quarter of 2026 and to hold near 7.5% through 2027, a major revision from its September forecast of 6.8% for the fourth quarter.

What drove the change? Fannie Mae points to persistently high Treasury yields, with the 10-year projected near 4.6%, wide mortgage spreads that continue to keep financing expensive, and a sticky inflation environment, all of which keep mortgage rates elevated with little near-term relief for homebuyers. In response, the group trimmed its 2027 projections: single-family mortgage originations cut roughly 18% to about $1.8 to $1.9 trillion, and 2027 home price growth slowing to near 0.6% as affordability weighs on demand. In practical terms, the forecasters now see today’s levels as the working baseline, not a short-lived spike.

Fannie Mae also continues to flag the “lock-in effect”: homeowners with ultra-low pandemic-era rates who are reluctant to sell, keeping resale inventory thinner than demand would otherwise allow. In the Tri-Cities, steady in-migration meeting that constrained supply is what has kept home values resilient despite the rate climb, and with the most homes available in about 13 years, buyers finally have real choices at prices that have settled near $430,000. That combination is why the region keeps drawing relocating families from higher-cost West Coast cities.

What this means for Tri-Cities buyers

Two straight weeks of declines is genuinely encouraging, but let me be straight with you: we are still about a point above last year, and Fannie Mae’s own forecast holds rates near 7.4% to 7.5% through next year. No major forecaster is calling for a meaningful drop in the near term, so waiting for a bottom is rarely a winning strategy.

What actually moves the needle is what you control: your down payment plan, your credit profile, your pre-approval, and being ready to act when the right home appears. A $400,000 home in Kennewick, Richland, Pasco, or West Richland at today’s rate still builds equity month after month in one of the most affordable and resilient housing markets in Washington, and with the highest inventory in over a decade, you have more room to negotiate than buyers have had in years. I have helped buyers close at every rate reading we have tracked this year, and the ones who are happiest are the ones who ran their own numbers and bought for their own reasons.

What this means for sellers

With the most homes on the market in about 13 years, buyers have options, and that means precise pricing, sharp presentation, and honest marketing matter more than ever. The good news: the demand picture in the Tri-Cities has not changed. Relocating families from Seattle, Portland, and California keep the pool of qualified, motivated buyers strong, and lower rates for two straight weeks only help keep them in motion.

For sellers, the guidance is steady: price against current market data, not last spring’s; stage thoughtfully; and market professionally. Homes that do those things are still drawing serious offers. The weekly headlines capture the rate, but they do not capture activity on the ground, where my team and I see every day what is actually selling and why.

The bottom line

Mortgage rates eased for a second straight week. The 30-year fixed is at 7.24%, down eight basis points, and the 15-year at 6.60%, down eight, per the Freddie Mac PMMS release for the week ending October 29, 2026, the latest available before this week’s Thursday release. Fannie Mae’s October outlook, published October 14, holds its forecast at 7.4% for the fourth quarter and 7.5% for 2027, confirming that elevated rates remain the working baseline. None of that changes the fundamentals of the Tri-Cities market: prices steady, inventory high, demand solid, and homes still building equity for the families who buy them.

The word of the week is steady progress, not a turning point. This is the moment to run your own numbers at today’s rates, understand what you can comfortably afford, and decide based on your life and your goals, not on a weekly headline. Homeownership is about building a future for your family, not timing a market bottom. If you are ready to buy, sell, or simply explore your options, I would love to sit down with you, run the numbers at today’s rates, and map out what is possible for your specific situation.

Sources: Freddie Mac Primary Mortgage Market Survey®, week ending October 29, 2026 (released October 29, 2026). Prior-week and year-ago comparisons per the same release; the year-ago reading reflects the PMMS for the week ending October 29, 2025 (30-year at 6.17%, 15-year at 5.41%). Fannie Mae Economic and Strategic Research Group, October 2026 Economic and Housing Outlook, published October 14, 2026, including its 2027 origination and home price growth projections. 5/1 hybrid ARM context: Freddie Mac’s PMMS no longer publishes a weekly 5/1 ARM average; Bankrate’s national survey put the average 5/1 hybrid ARM APR near 6.52% as of November 2, 2026 (easing to 6.35% on November 3), HSH reported hybrid-ARM initial rates declining in the week ending November 2 with a spread of about 83 basis points to the 30-year fixed, and Mortgage News Daily showed the 7/6 SOFR ARM near 6.70% on November 2. Monthly payment estimates calculated with standard amortization formulas, and actual payments vary by loan terms, credit score, taxes, insurance, and other factors. This is not financial advice. Consult a licensed lender for personalized rate quotes.