Mortgage rates fell to 7.24% in Freddie Mac's October 29 survey — the lowest this month — but they are still a full point above last year's 6.17%. On a $400,000 loan that gap costs $284 more every month, $3,408 a year, and about $102,000 over 30 years. This explainer shows the real math (the weekly drop saves only about $22 a month), explains why the Fed holding rates on October 28 did not bring mortgages down (mortgages follow the 10-year Treasury, which jumped to 5.04% with a December hike priced at roughly 85 to 90 percent), and gives five moves that actually help: stop waiting for 3%, buy the rate down, run the 15-year numbers, shop three lenders, and refinance only when rates fall roughly a full point. Follow US Money Guide for daily money tips!
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Educational content, not financial advice.
