The first real break in the rate climb just landed. Freddie Mac's weekly survey, released Thursday, October 22, put the average 30-year fixed mortgage rate at 7.32%, down from 7.40% a week earlier and the first decline after seven straight weekly increases. The 15-year averaged 6.68%. A year ago the 30-year read 6.19%, so rates remain far above the recent norm, yet the direction finally turned. One note up front: market reports use different windows and methods, so I keep to the freshest published figures and tell you which source each number comes from.
The seven-week climb is over, at least for now
Freddie Mac's Primary Mortgage Market Survey for the week ending October 22 put the average 30-year fixed rate at 7.32%, down from 7.40% the week before, which had been the highest reading in about three years. The 15-year followed, averaging 6.68% after 6.71%. It is a modest move, yet after seven consecutive weekly increases it carries real weight: buyers pricing a home this week are working with slightly better payment math than they were last week, and that is the first time that has been true since early September. One week does not make a trend, and rates are still more than a point above where they sat a year ago, yet the pause in the climb gives buyers room to plan without the number moving under them.
September's existing-home sales report: steady, not dramatic
The National Association of REALTORS released its September existing-home sales report on October 13. Existing-home sales ran at a seasonally adjusted annual rate of 3.99 million, up 1.5% from August yet down 2.2% from a year earlier. The national median price came in at $417,500, up 1.3% year over year and a record for the month of September. Inventory stood at 1.60 million homes, up 4.6% from a year earlier, about a 4.8-month supply. The next NAR existing-home sales report, covering October, is scheduled for Thursday, November 12, so that is the date to circle.
Illinois and Indiana: one report in, one still pending
On the Indiana side, the Indiana Association of REALTORS' September report is in: 7,203 closed sales, down 4% from a year earlier, with a statewide median sale price of $278,000, up 3%. Pending sales ran at 7,318, down 10%, and active inventory has grown for 31 straight weeks, with average daily listings near 7,205 in early October. That is a slower yet steadier market, and the inventory build continues to give buyers more choices than they have had in years.
On the Illinois side, Illinois REALTORS' September report had not yet posted its figures at the time of this update, so August remains the latest official month: 12,103 homes sold, down 4.6% from a year earlier, with 22,531 homes for sale. Redfin's separate September read for Illinois puts the median sale price at $323,321, up 7.1% year over year, with about 11,219 homes sold. Different sources, different windows, yet both point the same direction: prices climbing gently, inventory still building.
What this means for buyers
A week with a lower rate is a good week to run your real numbers, because the direction finally helps you. The payment math is still demanding, yet it stopped getting worse, and the buyers who are pre-approved and ready will feel the difference first. Inventory keeps building across the region, which means more choices and more room to negotiate in most towns, while the tightest pockets still reward a quick, well-prepared offer. Get pre-approved, know your reliable payment and put yourself in position to act when the right home appears.
What this means for sellers
With rates high yet easing, buyers still feel the monthly payment before they feel the house, so your opening price and your condition remain your two most powerful tools. Well-priced, well-presented homes keep selling, yet the margin for overpricing has thinned: the first two weeks on market are still the ones that count, and honest pricing from day one brings the right buyers in that window.
One more thing
I am licensed in both Illinois and Indiana, so I can compare the South Suburbs and Northwest Indiana in a single conversation, property taxes included. For the town-by-town picture, my market report keeps the freshest published reads for Frankfort, Orland Park, Munster, Crown Point and every community I serve. If you want to know what today's rate means for your payment, what your home is worth, or whether this is your moment, I would love to run the numbers with you. Call me at (708) 252-1490 or schedule a call any time. You Can With Joanne!™