Overview
- Freddie Mac’s survey shows the 30-year fixed average fell to 6.19% from 6.27% a week earlier, with the 15-year fixed down to 5.44%.
- The 10-year Treasury yield dipped below 4% as traders priced a near-certain quarter-point Fed cut next week, and mortgage rates—tied more to long-term yields than the Fed’s policy rate—tracked lower.
- Refinancing remained elevated for the sixth straight week, accounting for more than half of mortgage activity, as borrowers seize improved terms.
- Housing activity is stirring, with existing-home sales up 1.5% in September and signs of better affordability drawing some buyers back.
- Forecasts from the Mortgage Bankers Association and Fannie Mae suggest rates will likely stay in roughly the high-5% to mid-6% range into 2026, prompting borrowers to weigh locking now versus waiting, often with float-down fees attached.