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Original headline: Mortgage Rates Remain Above 7 % in a Stalled Housing Market
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SPY
• NeutralSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/22/2026 | 763.96 |
| Change that session | -1.18% |
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President Trump signed an executive order aimed at lowering mortgage payments as elevated borrowing costs have weighed on the housing market. The order directs FHFA Director Bill Pulte to launch a pilot program canceling insurance premiums on government-backed mortgages once borrowers meet equity requirements, and to expand the title insurance waiver pilot into a permanent program. A task force was also created to cut home construction costs using modern manufacturing methods, while the agriculture and veterans affairs secretaries were ordered to lower interest rates on their departments' single-family home loans. The average 30-year mortgage rate, which rose above 7 percent amid the Iran war, fell from 7.4 percent to 7.32 percent according to Freddie Mac, while pending home sales dropped 7.3 percent from August to September and 11.3 percent year over year, per NAR.
- Average mortgage rate eases to 7 . 32 %, first pullback since late August
According to Freddie Mac, the average 30-year fixed mortgage rate fell to 7.32% from 7.40% last week, its first decline since late August, though it was 6.19% a year ago. The 15-year fixed rate eased to 6.68% from 6.71%. Rates have climbed since late February, when the U.S. war with Iran began and pushed up oil prices and inflation, and the 10-year Treasury yield, which guides mortgage pricing, hit its highest level since 2002 before easing in recent weeks. The rise has added roughly $355 a month to the cost of a $400,000 loan and has helped keep U.S. home sales stalled this year. Fannie Mae projects the 30-year rate will average 7.4% in the final quarter of 2026 and 7.5% in 2027.
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- Average mortgage rate eases to 7 . 32 %, first pullback since late August
Freddie Mac said the average 30-year fixed mortgage rate fell to 7.32% from 7.40% last week, the first weekly decline since late August, though it remains above 6.19% a year ago. The 15-year fixed rate, often chosen by borrowers refinancing, eased to 6.68% from 6.71%. Rates have climbed since late February, when the U.S. war with Iran began and pushed oil prices and inflation higher, and they generally track the 10-year Treasury yield, which has eased in recent weeks after hitting its highest level since 2002. The rise has added about $355 a month to the cost of a $400,000 home loan, and home sales remain stalled. Fannie Mae forecasts the 30-year rate will average 7.4% in the fourth quarter of 2026 and 7.5% in 2027.
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