From the Blog
Mortgage Rates Just Fell to 7.24%: What San Antonio Buyers Should Do With the Dip
Freddie Mac's weekly survey put the 30-year fixed mortgage rate at 7.24% for the week ending October 29, 2026, down from 7.32% the prior week and the lowest reading in more than a month. On a $300,000 loan, that drop trims about $16 a month in principal and interest versus the 7.32% week, and roughly $33 a month versus the 7.40% peak in mid-October. Here is what the dip actually changes for a San Antonio buyer, and what it does not.
Freddie Mac's weekly survey put the 30-year fixed mortgage rate at 7.24% for the week ending October 29, 2026, down from 7.32% the prior week and the lowest reading in more than a month. On a $300,000 loan, that drop trims about $16 a month in principal and interest versus the 7.32% week, and roughly $33 a month versus the 7.40% peak in mid-October. Here is what the dip actually changes for a San Antonio buyer, and what it does not.
This is the video I send buyers who are weighing whether to act on a rate dip: how to find real value in this market instead of chasing headlines.
On my channel: How to Find GOOD Deals in the San Antonio Market Right Now as a Relocator
The number, straight from Freddie Mac
The Primary Mortgage Market Survey released Thursday, October 29, 2026, put the 30-year fixed at 7.24%, down from 7.32% the week before and the lowest level in more than a month. The 15-year fixed averaged 6.60% the same week, and Mortgage News Daily's daily index also eased, to about 7.29% on October 29. One week does not make a trend, and the bigger forecast picture from Fannie Mae still points to the 30-year averaging near 7.5% through 2027. Treat this as a dip, not a new regime.
What the dip does to a San Antonio payment
On a $300,000 loan, the 30-year fixed at 7.24% carries about $2,045 a month in principal and interest, roughly $16 less than at last week's 7.32% and about $33 less than at the 7.40% mid-October peak, about $12,000 less in interest over 30 years on the same balance. At San Antonio's recent sales medians near $299,000 to $315,000, the dip is real but modest: it does not change the price class you can qualify for, it changes the margin inside it.
What the dip does not change
It does not change the cost-of-waiting math. Fannie Mae's October forecast still projects the 30-year averaging about 7.5% across 2027, and the MBA expects rates above 7% all year with originations down 5%. Waiting for a materially lower rate has no economist behind it right now. What a dip like this does is give a ready buyer a slightly better lock window, especially when combined with seller concessions and rate buydowns, which are common in this market.
The honest plan
If you are pre-approved and the right home is on your list, this is a reasonable week to lock. If you are not ready, do not stretch to chase $16 a month; get ready, lock when the numbers fit, and negotiate today's conditions instead of waiting for a better calendar. The buyers who win in this market are the ones who decide on numbers, not on headlines.
Frequently asked questions
Is 7.24% the lowest rate in months?
It is the lowest weekly average in more than a month, per Freddie Mac's October 29, 2026 survey. The 30-year had averaged 7.32% the prior week and touched 7.40% in mid-October.
Should I lock now or wait for lower?
No one can promise a lower rate. Forecasts point to rates near 7.5% averaging through 2027. Lock when the payment fits your budget and the home fits your life.
How much does a 0.08 point drop save?
On a $300,000 loan, the drop from 7.32% to 7.24% saves about $16 a month in principal and interest, roughly $5,800 over 30 years, before taxes and insurance.
Written by Phyllis Domingo
REALTOR® · TX License 745926 · 100+ homes sold · Helping families move well in San Antonio and the Hill Country since long before the hard part became normal.
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