Mortgage rates slip to 7.22% on Mortgage News Daily, saving $22 a month on a $400,000 loan

Mortgage rates ended Wednesday lower. Mortgage News Daily put its 30-year fixed index at 7.22%, down 0.08 percentage points on the day, and its 15-year at 6.85%, down 0.06. Its headline read "Mortgage Rates Fall Back Under 7.25%." The 10-year Treasury yield, the benchmark lenders price against, was about 4.85% on the site, down roughly 0.04 points. Bankrate also reported rates falling further below 7.5% on the day.

The move came on a session when stocks rallied and oil dropped after Democrats won Congress; see our market close. Lower oil eases inflation worries, which is what bond markets care about.

The Freddie Mac number lands at noon

The figure most headlines will quote is Freddie Mac's Primary Mortgage Market Survey, published Thursdays. Its history file shows the 30-year average at 7.40% on Oct. 15, 7.32% on Oct. 22 and 7.24% on Oct. 29, three straight declines. The 15-year went 6.71%, 6.68%, 6.60%. Freddie's survey runs Monday through Wednesday, so Thursday's reading will blend this week's levels, not just Wednesday's.

Daily indexes and Freddie's weekly average use different methods, so the two will not match exactly. Compare each against its own previous reading.

What 0.08 points is worth

Principal and interest on a $400,000, 30-year fixed loan, our calculation:

Tuesday's index was 7.30% (Wednesday's 7.22% plus the 0.08 drop), so the one-day move saves about $22 a month, or roughly $260 a year. Back to the 7.40% of mid-October, the gap is about $49 a month.

Cheaper money is not yet bringing buyers

As we reported, the Mortgage Bankers Association said purchase applications fell 2% and sit 19% below last year, even with its contract rate at its lowest since September. A year ago that rate was 6.17%, so today's borrower pays over a full point more. For a buyer, a $22 saving does not offset that gap; for someone with an adjustable loan or a bridge loan waiting to refinance, a sustained slide below 7% is the level to watch.

The yield tells the story. Our chart shows the 10-year about 8% below its Oct. 5 peak, which is why rates have eased since. It also means the rate can rebound fast: Friday's October jobs report, due 8:30 AM ET per the BLS schedule, can move yields in minutes.

What to do

Anyone with a lock decision this week should ask their lender for the day's quote in writing, since daily indexes are averages and individual offers vary with credit score, down payment and points. Do not float a lock hoping for a bigger drop ahead of a jobs report.

Sources: Mortgage News Daily (Nov. 4, 2026); Freddie Mac PMMS history; Bankrate; Yahoo Finance. Payment figures are our principal-and-interest calculations and exclude taxes, insurance and fees. This is market information, not investment advice.