Mortgage Rates Today, Oct 29: Rates Ease as Tech Stocks Fall
Mortgage rates fell to their lowest level in more than a month Thursday as Treasury yields dropped alongside a late selloff in large technology stocks.
FRANKLIN, Tenn., Oct. 29, 2026 — In today's Iron Hill Brief Daily Mortgage Market Update for Thursday, October 29, 2026, mortgage rates fell to their lowest level in more than a month as bonds rallied alongside a sharp drop in tech stocks.
Matthew Graham of Mortgage News Daily wrote that after four fairly uneventful trading days, the bond market saw more volatility Thursday, "in a friendly direction." The Mortgage News Daily index put the average 30-year fixed rate at 7.29%, down 0.06 percentage points from Wednesday and the lowest mark since September 23 for the average lender.
Tech Selloff Helps Bonds
Graham said bond gains lined up with weakness in the stock market, mainly at the 9:30 a.m. open and the 4 p.m. close. Weaker guidance from companies including Intel and Amazon reinforced a cautious narrative around tech and the AI buildout, sending tech stocks sharply lower late in the day.
Morning inflation data did little to move things. Graham wrote that the PCE price index came in almost exactly in line with expectations, with monthly core inflation at 0.32% versus a 0.34% forecast, and the modest miss produced only a small dip in yields.
Treasury data show the 10-year yield fell to 4.98% from 5.05% on Wednesday, while the 2-year yield eased to 4.61% from 4.67%. Graham noted 10-year yields ended at their lowest level since September 22.
Weekly Survey Confirms the Trend
Freddie Mac's weekly survey, released at noon Eastern, showed the average 30-year fixed rate at 7.24% as of October 29, down from 7.32% a week earlier and the lowest level this month. The 15-year fixed averaged 6.60%, down from 6.68%. Freddie Mac's survey reflects rates offered from the prior Thursday through Wednesday, so it does not capture Thursday's move.
Homeowners weighing whether a lower rate is worth the closing costs can use the refinance break-even calculator to compare scenarios. Markets now look to Friday for any follow-through from the tech selloff.
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