Yes, a little, and in San Diego a little goes a long way. Freddie Mac's Primary Mortgage Market Survey put the average 30 year fixed rate at 7.24% as of October 29, 2026, down from 7.32% the week before and the lowest level of the month. The 15 year fixed rate dipped to 6.60% from 6.68%. Freddie Mac Chief Economist Sam Khater said the decline was "modestly boosting purchasing power for prospective buyers," and I agree. After rates moved above 7% in late September, this is a welcome turn in the right direction.
How much did rates move in October? On October 15, Freddie Mac reported the 30 year average holding steady at 7.40%. Two weeks later it was 7.24%. That is not a dramatic drop, but it is steady progress, and steady is what buyers want to see.
What does that save on a monthly payment? Here is my own quick math, principal and interest only. On a $600,000 loan, 7.40% works out to about $4,154 a month. At 7.24%, it is about $4,089. That is roughly $65 a month, or close to $780 a year, from a move that looks tiny on paper. Your exact numbers will depend on your loan, taxes, and insurance, so talk to a lender before you budget.
What is happening with San Diego prices? Values are holding up, which is good news for anyone who already owns. San Diego MLS data from the Greater San Diego Association of Realtors shows the county's median detached home sold for $1,079,000 in September 2026, up 5.8% from a year earlier. The median attached home, which includes condos and townhomes, was $670,000, nearly flat from a year ago. Attached inventory was up 5.8%, with 4.0 months of supply, so condo and townhome shoppers in places like Mission Valley, Hillcrest, and Chula Vista have more choices than they did last fall.
Why does this matter heading into the holidays? Fewer people tend to shop for homes in November and December, so a buyer who is ready now may face less competition. Pair that with a rate that is easing instead of climbing, and late fall can be a smart window to make a move.
My advice? Get preapproved now and ask your lender to run your numbers at today's rate. Owning a home is still one of the best ways I know to build long term wealth in San Diego, and every small rate improvement helps. I'm your realtor, let me know when you need me.
Quick answers
What was the average 30 year mortgage rate on October 29, 2026? 7.24%, according to Freddie Mac, down from 7.32% the week before.
What was the 15 year rate? 6.60%, down from 6.68%.
How much does a small rate drop save? On a $600,000 loan, going from 7.40% to 7.24% saves about $65 a month in principal and interest.
What is the median home price in San Diego County? $1,079,000 for detached homes and $670,000 for attached homes in September 2026, per San Diego MLS data.
Read the original article: https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-decline-further-724/
Sources
Freddie Mac, "Mortgage Rates Decline Further to 7.24%," October 29, 2026
Freddie Mac, "Mortgage Rates Hold Steady at 7.40%," October 15, 2026
Image credit: Visitor7 via Wikimedia Commons, CC BY-SA 3.0