Where mortgage rates stand right now
After a run that carried the 30-year fixed up to 7.5% in late September, the last few weeks have brought some relief, and rates are now holding near their best levels in about a month. Even this week's Fed meeting, which leaned hawkish, did not knock them off that perch. Here is where things stand, using Mortgage News Daily's daily lender pricing as of October 29, 2026:
- 30-year fixed: 7.29% (down 0.06% on the day)
- 15-year fixed: 6.95% (down 0.05%)
- 30-year FHA: 6.91% (down 0.08%)
- 30-year VA: 6.92% (down 0.08%)
- 30-year jumbo: 7.55% (down 0.05%)
One note on why you may see different numbers elsewhere, per Mortgage News Daily. These are daily figures based on actual lender pricing, so they run a bit more current than the weekly survey averages you often see quoted in the news. And remember these are national averages. Your own rate still depends on your credit, down payment, points, property, and loan type, so the only number that really matters is the one quoted on your file. If you want your real number, reach out to Connor for a personalized quote.
The FHA and VA gap is worth a look
Here is a talking point that gets overlooked. Government-backed loans are pricing well below conventional right now. FHA is around 6.91% and VA around 6.92%, both close to four tenths of a percent under the 7.29% conventional 30-year. If you are a first-time buyer who qualifies for FHA, or a veteran or active-duty service member eligible for a VA loan, that gap can translate into a noticeably lower payment on the same price. Notice too that the 15-year fixed, at 6.95%, is also pricing below the conventional 30-year, so if your budget can handle a 15-year payment, you can shorten your loan and pay a lower rate at the same time. The headline conventional 30-year rate is not always your best path, so it is worth running these options side by side before you lock in a loan type.
The markets and economy: what is happening and why it matters
Zoom out from mortgages for a second, because the bigger picture is what keeps pushing rates around. The headline this week was the Federal Reserve. Here is the current snapshot:
- The Fed: on October 28 the Fed held its target range at 3.75% to 4.00% in a 10-2 vote, with two officials dissenting because they wanted a quarter-point hike, per the Federal Reserve. Commentators called it a hawkish hold, and after the meeting traders put the odds of a hike at the December 9 meeting near 85%, per Yahoo Finance and CME FedWatch. So this is a Fed that paused but is clearly leaning toward tightening again.
- Stocks: the major indexes still edged higher even with the hawkish Fed. On October 28 the S&P 500 closed at 7,743.98, up about 0.28%, the Dow at 52,475.10, up about 0.19%, and the Nasdaq at 26,549.85, up about 0.27%, a third straight day of gains, per Yahoo Finance. Technology names led the week after Anthropic filed for an IPO.
- Bonds: the 10-year Treasury yield rose back toward 5.0%, closing near 5.04% on October 28, up several basis points after the Fed held and signaled more tightening, per Yahoo Finance. That matters because mortgage rates track the 10-year far more closely than anything else, so a rising 10-year is usually a headwind for rates.
- The data: the backdrop is a tug of war. September inflation came in hot, with CPI up 3.7% year over year, above the 3.6% forecast and the highest reading since May, per the Bureau of Labor Statistics. But the September jobs report was weak, with just 29,000 new jobs against roughly 84,000 expected and the unemployment rate ticking up to 4.2% from 4.1%, with prior months revised down by 60,000, per the Bureau of Labor Statistics. Hot prices argue for hikes, a soft job market argues against them, and that split is exactly why the Fed is divided.
So what does all of this mean for mortgage rates and housing? In plain terms, the inflation and Fed backdrop argues for higher rates, and the 10-year yield did climb this week. Yet mortgage rates held near a monthly low anyway, because lenders had already priced in a lot of the Fed caution and the bond market did not panic. For housing, it means we are still in a higher-rate stretch overall, with a Fed that may hike once more before year-end, but rates have found a steadier footing than they had a month ago, and that is the kind of window worth being ready for.
What is actually driving rates: the bond market
Here is the part most headlines skip. The Federal Reserve does not set your mortgage rate. Long-term mortgage rates track the 10-year Treasury yield and mortgage-backed securities far more closely than the Fed's short-term rate, because lenders use those markets to price home loans. This week was a clean example. Mortgage News Daily noted that the Fed announcement itself had almost no impact on mortgage rate movement, because the hold was expected and the bond market had already done its repricing. The 10-year yield drifted up toward 5.0%, which is why mortgage rates did not improve much even though stocks rose. The takeaway is simple. When you understand that mortgages follow the bond market, the daily back-and-forth makes a lot more sense, and you stop trying to time your loan around Fed meeting dates. The thing to watch between now and December is not just the Fed, it is the next inflation and jobs reports, because those are what move the 10-year, and the 10-year is what moves your rate.
What this means for you
- Buyers: rates are holding near a one-month low around 7.29%, but with inflation running hot and the Fed leaning toward a December hike, this is a window, not a trend you can count on. The smart play is not to time the exact top or bottom. Buy the right home, get a payment that works, and refinance later if rates come down. Marry the house, date the rate.
- First-time and VA-eligible buyers: check FHA and VA pricing, they are running close to four tenths of a percent below conventional right now, around 6.91% and 6.92%, which can meaningfully lower your payment on the same purchase price.
- Worried about the payment? Ask about a temporary or permanent rate buydown, seller-paid points, or a shorter term. With the 15-year sitting at 6.95%, below the conventional 30-year, a shorter loan is one real structural move to lower your cost without waiting on the market.
- Move-up buyers: if you have equity in your current home, a bridge loan or a recast can let you buy before you sell without wrecking your payment, even in a higher-rate environment.
The bottom line for this week. The Fed held steady but made it clear another hike is on the table in December, and the 10-year yield ticked back up, yet mortgage rates still hung near their best levels in about a month. That balance can shift quickly with the next inflation or jobs print, so if you find a home and a payment that work, this is a better moment than we have seen in a while. Want your actual number? I will run a real quote for your situation, no guessing off a national average. Start your personalized quote here.
Rates and figures cited are as of October 30, 2026 from public sources and change daily; they are illustrative, not a rate quote or a commitment to lend. Your actual rate depends on your credit, loan type, property, and market conditions. Connor Webb, NMLS #1529504; Envoy Mortgage, Ltd., NMLS #6666. Equal Housing Lender.