Mortgage rates this week decreased in Freddie Mac’s national survey, with the average 30-year fixed rate at 7.32% for the week of Oct. 22, 2026. A separate survey from the Mortgage Bankers Association showed fewer home-purchase applications.
A historic bungalow in Houston, shown for illustration only and not for sale. Photo: 25or6to4, CC BY-SA 4.0, via Wikimedia Commons (2017), cropped and edited.
Freddie Mac: 30-year fixed at 7.32%
Freddie Mac’s Primary Mortgage Market Survey (PMMS) for the week of Oct. 22, 2026, put the national average 30-year fixed rate at 7.32%, down from 7.40% the week before (Oct. 15). The 15-year fixed averaged 6.68%, down from 6.71% a week earlier. A year ago, the 30-year averaged 6.19% and the 15-year averaged 5.44% (Freddie Mac PMMS).
Freddie Mac publishes these numbers on Thursdays at noon Eastern, which is 11 a.m. in Houston.
MBA: purchase applications fell 7%
The Mortgage Bankers Association runs its own national survey every week. For the week ending Oct. 16 (released Oct. 21), MBA said its seasonally adjusted purchase index fell 7% from the week before. Without the seasonal adjustment, purchase applications were 18% lower than the same week a year earlier. Refinance applications fell 2%. MBA’s average contract rate for a 30-year fixed loan with a conforming balance ($832,750 or less) was 7.41%, down from 7.50%. MBA Deputy Chief Economist Joel Kan said, “Mortgage rates decreased for the first time in over two months, with the 30-year fixed rate dropping to 7.41 percent.” He added that “the ARM share held steady at 10.5 percent,” meaning adjustable-rate mortgages made up the same share of all applications as the week before (MBA weekly survey, Oct. 21).
What PMMS measures and what MBA measures
The two surveys answer different questions, so their rates won’t match, and one shouldn’t be averaged with the other.
- Freddie Mac PMMS averages the rates on home-purchase loan applications that lenders send to Freddie Mac. It counts conventional loans within the conforming loan limits set by the Federal Housing Finance Agency, for single-family homes. Freddie Mac describes the typical borrower in the survey as having good or excellent credit and a 20% down payment. It no longer publishes average fees and points, because lenders aren’t always required to report them.
- MBA’s Weekly Applications Survey tracks mortgage application volume, for purchases and refinances, taken through retail and consumer-direct channels. Respondents include mortgage bankers, commercial banks, thrifts and credit unions. MBA also reports average contract rates by loan type, along with the points paid, for loans with 20% down. MBA has run the survey every week since 1990.
Fed rate vs mortgage rate
The Federal Reserve’s next policy meeting is Oct. 27–28, and its 2026 calendar lists one more after that, on Dec. 8–9 (Federal Reserve calendar). The Fed policy rate is not your mortgage rate, and we make no prediction about the meeting.
The Fed’s own explainer describes its main tool, the federal funds rate, as the rate banks pay for overnight borrowing. It says changes in that rate influence other interest rates (Federal Reserve FAQ). A 30-year mortgage is a separate, long-term loan, and the lender who makes it sets its rate.
Jobs reports are a third, separate number. The monthly jobs report from the Bureau of Labor Statistics counts jobs and unemployment. It isn’t a mortgage rate and it isn’t the Fed’s rate.
If you’re buying in Houston
Neither survey breaks out Houston. Your own rate depends on your credit, down payment, loan type and any points you pay. For local data, the Houston Association of Realtors counted 40,192 single-family homes for sale across Greater Houston in September, up 6.3% from a year earlier, with 5.5 months of single-family inventory, up from 5.1, according to HAR’s September 2026 update, released Oct. 14, and its single-family activity snapshot. HAR said buyers had more choices than a year ago. HAR Chair Theresa Hill said, “Higher mortgage rates are making buyers look more closely at what they can comfortably afford.”
Two free tools from the Consumer Financial Protection Bureau can help you compare. Its Explore interest rates tool shows how credit score, down payment, loan term and loan type change the range of rates offered. Its Loan Estimate explainer walks through the form line by line and suggests getting Loan Estimates from more than one lender. To compare areas, our Houston-area neighborhood guides cover Katy, Cypress, the Heights, Memorial, Galveston and more. You can also see how we work on our buyer page.
If you’re selling in Houston
HAR’s September single-family median price was $325,000, essentially unchanged from $325,990 a year earlier. The average single-family price rose 0.7% to $421,311. Single-family sales fell 5.7% from a year earlier to 7,030, and homes took an average of 58 days to sell, up from 56. Pending single-family listings, homes under contract but not yet closed, fell 11.6% to 6,789 (HAR).
With more homes listed and fewer under contract, sellers can price near recent nearby sales and plan for a longer timeline. Our seller page has more on listing with us, and our guide to what days on market means for sellers goes deeper on listing time.
All mortgage rates above: national average; not a loan offer; talk to a licensed lender.
Questions about buying or selling in the Houston area? Call (281) 724-3966 or contact us.
