10/30/2026
🏡 REAL ESTATE MARKET UPDATE | OCTOBER 29, 2026 🍂
📉 Mortgage rates are moving in the right direction, but what does that mean for buyers and sellers?
According to Freddie Mac’s latest report, the average 30-year fixed mortgage rate has decreased to 7.24%, down from 7.32% last week.
Meanwhile, the Federal Reserve held its benchmark interest rate steady at 3.75%–4.00%.
It’s a good reminder that mortgage rates don’t always move in the same direction as the Federal Reserve’s benchmark rate.
💰 Let’s put those numbers into perspective.
For a $400,000 mortgage over 30 years:
🏠 At 7.32% → Approximately $2,748/month
🏠 At 7.24% → Approximately $2,726/month
That’s roughly $22 in monthly savings, or $264 annually.
While every little bit helps, it’s important to remember that small changes in interest rates don’t necessarily translate into dramatic changes in affordability.
🔑 FOR BUYERS
Interest rates are only one piece of the puzzle. Purchase price, available inventory, property condition, and your overall monthly payment all matter.
Rather than trying to perfectly time the market, focus on finding a property that meets your needs and fits comfortably within your budget.
🏡 FOR SELLERS
Lower borrowing costs may encourage some buyers to revisit their home search, but competitive pricing and a strong marketing strategy remain essential.
A slight decrease in mortgage rates doesn’t automatically mean higher home values or a sudden surge in buyer demand.
📍 HERE IN NORTHERN CALIFORNIA
Our rural markets have their own unique dynamics. In Lassen, Plumas, Sierra, and surrounding counties, inventory levels, property types, pricing, and local demand all influence how national trends affect real estate.
Real estate is local, and understanding your specific market makes all the difference.
Whether you’re thinking about buying, considering selling, or simply keeping an eye on property values, I’m always happy to help you understand your options.
Shay Mullanix | REALTOR®
Shay Sells the Sierras
Real Estate Professionals
📞 530-310-1167
CA DRE #02250630
Sources: Freddie Mac Primary Mortgage Market Survey (10/29/2026) and Federal Reserve (10/28/2026). Mortgage payments are illustrative estimates of principal and interest only, excluding taxes, insurance, HOA fees, and other applicable costs. Actual interest rates and loan terms vary.
