Monday's Rates Place 30-Year Mortgages at 7.237%

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Mortgage Research Center averages put the 30-year fixed rate at 7.237 percent on Monday, October 26, down from 7.275 percent a day earlier and 7.260 percent a week earlier, according to figures reported by Fortune. The 15-year fixed rate stood at 6.443 percent. On a $300,000 loan, total interest comes to about $435,802 for the 30-year term, compared with about $168,708 for the 15-year term. The Mortgage Bankers Association says applications fell 5.3 percent in the week ending October 16, while the video also covers the latest rates and Federal Reserve meeting dates.  Disclosure: This video contains stock footage and content created or enhanced using AI-assisted tools.

Transcript

00:00The average 30-year fixed mortgage rate is 7.237% on Monday.

00:05That is down from 7.27 a day earlier.

00:08According to Mortgage Research Center averages, a week ago it was 7,260%.

00:13The 15-year fixed rate is 6.443%.

00:17On a $300,000 loan, total interest comes to about $435,800 on the 30-year.

00:24On the 15-year, it is about $160,800.

00:28Demand is soft, with mortgage applications down 5.3% in the week ending October 16th.

00:34The Mortgage Bankers Association says purchase applications were 18% below last year's pace.

00:40The Federal Reserve meets on October 27th and 28th.

00:44Mortgage rates have moved only slightly over the past week.

00:47Disclosure. This video contains stock footage and content created or enhanced using AI-assisted tools.

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