Memphis Rate Watch: mortgage rates fall for a second straight week

MEMPHIS, Nov. 4, 2026. The average 30-year mortgage rate in the U.S. fell again last week, to 7.24%. That's the second drop in a row in Freddie Mac's weekly survey, released Oct. 29.

On Oct. 15 the same national average sat at 7.40%. On Oct. 22 it slipped to 7.32%. Now 7.24%.

The 15-year fixed rate came down too, from 6.68% on Oct. 22 to 6.60% on Oct. 29.

What it does to a payment

Say you borrow $250,000 on a 30-year loan. At 7.40%, principal and interest come to $1,730.95 a month. At 7.24%, it's $1,703.75. That's $27.20 less every month, or $326.45 a year.

Taxes, insurance and any HOA dues come on top of that. Your own rate depends on your credit, your down payment and the loan you pick, so treat this as an example and get a real quote from your lender.

The honest part

Rates are still higher than they were this summer. On Aug. 6 the 30-year average was 6.69%. Two good weeks don't make a trend, and I won't call it one.

What I'm seeing in Memphis

In September, homes in the Memphis area took 62 days on average to sell, and the median sale price was $225,000, according to the Memphis Area Association of REALTORS®.

If you own a home in Cordova, Germantown or anywhere around Memphis and you're thinking about your next one, a lower rate helps you twice. It lowers the payment on the house you buy, and it lowers the payment for the buyer who'd buy yours.

What I'd do this week

If you're buying, ask your lender for a new quote. A quote from three weeks ago was priced off a higher rate.

If you're selling and buying, let's put both numbers side by side: your net sheet on the house you have, and the payment on the next one at this week's rate.

Text me RATES at 901-245-3889 and I'll run your numbers with you. I post a Rate Watch only when rates come down, so you'll see the next one when they drop again.

Mortgage rates: Freddie Mac Primary Mortgage Market Survey, U.S. weekly averages, weeks of Aug. 6 through Oct. 29, 2026. Payment example: principal and interest only, 30-year fixed, $250,000 loan. Based on information from the Memphis Area Association of REALTORS® for the period September 1, 2026 through September 30, 2026.