Mortgage rates the week of October 30, 2026 ended almost exactly where they started, just above 7.25%. The Fed held its key rate steady on October 28, and new reports showed the economy growing faster than expected while inflation picked up. New home builders are feeling the slowdown, and more of them are cutting prices. Here's what changed and what it means if you're thinking about buying, selling or refinancing in Columbus.
Where Mortgage Rates Are
Average rates as of October 29, 2026, per MortgageNewsDaily:
30-year fixed: 7.29% (down 0.06 from the day before)
15-year fixed: 6.95% (down 0.05)
30-year FHA: 6.91% (down 0.08)
30-year VA: 6.92% (down 0.08)
7/6 adjustable: 6.88% (up 0.02)
30-year jumbo: 7.55% (down 0.05)
These are national averages. Your actual rate depends on your credit, down payment and loan type.
What moved rates: Tech stocks slipped again on October 29 after weak earnings outlooks from Intel and Amazon, and money moved into bonds. That nudged the 30-year fixed to its lowest level since September 23. The 10-year Treasury was just under 5%, its lowest since September 22.
What that means in dollars: On a $267,400 loan (the Columbus median price with 20% down), going from the October 22 rate of 7.30% to 7.29% saves about $2 a month. That's too small to matter for anyone's plans. Compared with this year's high of 7.61%, the October 29 rate is about $58 a month lower.
About the Fed: On October 28 the Fed kept its key rate at 3.75% to 4.00%, according to its policy statement. Two of the twelve voting members wanted to raise it. Bond markets took the meeting in stride and rates barely moved. The Fed doesn't set mortgage rates directly. Mortgage rates follow the bond market, which reacts to what the Fed says and to new data like the reports below.
The National Housing Market
The economy grew at a 3.4% annual pace in the third quarter, up from 2.2% in the spring and faster than expected, per the Bureau of Economic Analysis. A strong economy tends to keep rates from falling much.
Inflation picked up. The Fed's preferred measure (PCE) rose 0.5% in September and is up 3.6% from a year ago. Leaving out food and energy, it's up 3.1% (BEA). That's well above the Fed's 2% goal, which is why the Fed isn't cutting.
Builders started 5.2% fewer homes in September than in August, and 7.4% fewer than a year ago (Census data via MortgageNewsDaily).
Builder confidence fell to its lowest level since 2012. 43% of builders cut prices in October, and 65% offered incentives like help with closing costs or rate buydowns (NAHB/Wells Fargo index via MortgageNewsDaily).
The Central Ohio Housing Market
The October Columbus REALTORS report comes out mid-November, and I'll break it down then. For the latest monthly numbers by county and school district, see my Central Ohio Housing Market Report.
What This Means for Your Timing
If you're buying: If new construction is on your list, builders are motivated right now. With so many offering price cuts and incentives, it's worth comparing a builder's total package (price, closing cost help, rate buydown) against resale homes in the same area. More on buying in Columbus.
If you're selling: Nothing in this week's news changes the picture for sellers. More on selling, or get an instant home estimate.
What to Watch Next
November 6: October jobs report
November 10: October consumer prices (CPI)
Mid-November: Columbus REALTORS October housing report
November 25: Updated third-quarter economic growth (GDP) and October inflation (PCE)
If you're weighing a move and want to see what these numbers mean for your neighborhood or price range, let's talk.
Rate data from MortgageNewsDaily.com. Fed decision from the Federal Reserve. GDP and inflation data from the Bureau of Economic Analysis. Housing starts from the Census Bureau and builder confidence from the NAHB/Wells Fargo Housing Market Index, as reported by MortgageNewsDaily. Information is believed accurate but not guaranteed.