Mortgage Rates Fall to 7.24% as 12 Matched Deposit Rates Hold Steady

Executive Summary

The completed 5 AM first-party refresh expanded OnlineBankRates from 145 to 154 Bank Verified institutions, adding 268 observations. The conservative audit found 12 unchanged exact-comparable products, zero verified increases and zero cuts; this small, nonrandom panel cannot establish nationwide deposit-rate direction. The latest 30-year mortgage benchmark fell to 7.24%, while two-, five- and ten-year Treasury yields declined on October 29. Conditional liquid savings still reaches 5.00% APY, and the highest fresh standard CD remains 4.87% APY on a five-year jumbo certificate.

1 / Rate Environment

Deposit-rate breadth is stable within the measured sample: all 12 strictly matched, independently dated products were unchanged (0 increases, 12 unchanged, 0 cuts). The refresh was limited to 12 of 287 previously registered official URLs, so it is not evidence of nationwide stability. Borrowing benchmarks eased: the two-, five- and ten-year Treasury yields fell 6, 7 and 7 basis points on October 29, while Freddie Mac’s weekly 30-year mortgage average declined 8 basis points.

2 / Today’s Numbers

| Fed funds target range | 3.75%–4.00% | FOMC decision, Oct 28; unchanged |

| Effective federal funds (EFFR) | 3.88% | New York Fed / FRED, Oct 28 |

| SOFR overnight | 3.94% | New York Fed / FRED, Oct 29 |

| Bank prime loan rate | 7.00% | Federal Reserve H.15, Oct 28 |

| 2-year / 5-year / 10-year Treasury | 4.61% / 4.78% / 4.98% | U.S. Treasury, Oct 29 |

| 3-month / 6-month / 1-year Treasury | 4.18% / 4.28% / 4.42% | U.S. Treasury, Oct 29 |

| 30-year / 15-year fixed mortgage | 7.24% / 6.60% | Freddie Mac, Oct 29 |

| OnlineBankRates Savings Index v2.2 | 2.84% APY | 13 fresh eligible institutions |

| OnlineBankRates 12-Month CD Index v2.2 | 3.61% APY | 14 fresh eligible institutions |

| Best Cash Yield / money market | 5.00% / 4.05% APY | Conditional savings / CFG money market |

| Best standard 12-month / 60-month CD | 4.65% / 4.87% APY | CFG / Advancial jumbo |

Official benchmark sources: Federal Reserve FOMC (Oct 28); Federal Reserve H.15; New York Fed rates via FRED; U.S. Treasury daily par yields (Oct 29); Freddie Mac PMMS (Oct 29). Bank offers are drawn exclusively from the OnlineBankRates first-party dataset. APYs and Treasury yields have different conventions and are not identical return measures.

3 / Biggest Verified Moves

No new verified increases or cuts qualified today. Eleven Bank5 Connect products and one Marcus 12-month CD matched a prior independently dated observation on institution, product, term, balance tier, relationship and geographic eligibility; all 12 APYs were unchanged. The collection’s 268 appended observations include newly discovered products and refreshed listings that lack strict comparable prior observations; they are not classified as rate changes.

| Increases | 0 | 0.0% |

| Unchanged | 12 | 100.0% |

| Cuts | 0 | 0.0% |

Seven-day detection window (Oct 24–30): daily audits collectively recorded 9 increase events, 304 unchanged comparison events and zero cuts. Three Ally savings/money-market increases of +10 basis points had independently dated effective observations within seven days; six CFG Bank CD increases were detected during the window but span October 6–27, so they are not seven-day effective-date changes. Counts include repeat checks, not unique nationwide products.

4 / Where Savers Are Winning

| Axos ONE promotional savings | 5.00% | New customers; checking activity; < $50k; opening window ends Oct 31 |

| Leader Bank Zeugma Plus savings | 5.00% | New relationship; deposit/debit activity; up to $250k |

| SkyOne Perk Central Intro savings | 4.00% | New external funds; linked checking/payment requirements |

| CFG high-yield money market | 4.05% | $1,000 minimum; variable rate |

| Bank5 Connect 3-month CD | 4.30% | $500 minimum |

| OMB Bank 9-month CD special | 4.46% | $1,000 minimum |

| CFG Bank 12-month CD | 4.65% | $500 minimum |

| Associated Bank 13-month special | 4.40% | Branch / relationship eligibility may vary |

| CFG Bank 24- and 36-month CDs | 4.82% | $500 minimum |

| Advancial 60-month jumbo certificate | 4.87% | $50,000 minimum; CU membership |

| FNBA 120-month CD | 4.75% | $1,000 minimum; ten-year commitment |

Capped special, separate from the standard CD ranking: Apple FCU’s 12-month Starter Certificate offers 5.00% APY with a $50 minimum, $5,000 maximum and one certificate per membership. New institutions today include Associated Bank (13-month special 4.40%), Atlantic Union Bank (13-month special 4.30%; ZIP dependent) and SkyOne (10-month Flex certificate 4.35%; new money). These newly discovered rates are baselines, not verified increases. Older-dated OnPath, Quorum, Solera and TIMBR offers are not promoted as fresh.

5 / Borrower Watch

Mortgage: Freddie Mac’s October 29 survey shows the 30-year fixed average at 7.24%, down 8 bp from 7.32% a week earlier; the 15-year average is 6.60%, also down 8 bp. Using October 29’s 4.98% ten-year Treasury yield, the illustrative mortgage-minus-Treasury spread is 226 bp, compared with 227 bp using last week’s mortgage rate and October 28’s Treasury yield. These are nonsynchronous benchmarks, not lender-quoted spreads.

Floating-rate benchmarks: prime remains 7.00% and SOFR is 3.94% (unchanged from October 28). Prime minus the latest published 3.88% EFFR is 312 bp. The October 28 Fed decision held its target range at 3.75%–4.00%; individual credit-card, HELOC and business-loan rates depend on contract spreads and repricing dates.

6 / Yield Curve and CD Strategy

| 3 months | 4.30% · Bank5 | 4.18% | +12 bp |

| 6 months | 4.00% · Bank5 | 4.28% | −28 bp |

| 12 months | 4.65% · CFG | 4.42% | +23 bp |

| 24 months | 4.82% · CFG | 4.61% | +21 bp |

| 60 months · jumbo | 4.87% · Advancial | 4.78% | +9 bp |

| 120 months | 4.75% · FNBA | 4.98% | −23 bp |

The Treasury curve remains upward sloping: the ten-year yield exceeds the two-year by 37 bp. Within this tracked panel, the strongest one- and two-year CDs beat corresponding Treasury par yields; a five-year jumbo CD is 9 bp above the five-year Treasury, while ten-year Treasuries offer 23 bp more than the observed ten-year CD. Liquid savings may reset without notice, whereas CDs typically lock a term and may impose withdrawal penalties. Treasury state-tax treatment, market-price risk before maturity, deposit insurance and minimum balances also differ. This is general educational information, not personalized financial advice.

7 / Bank Behavior

| Mean highest eligible adult savings APY | 3.58% (n=5) | 1.46% (n=5) | 3.90% (n=3) | Insufficient |

| Mean best standard 12-month CD APY | 3.96% (n=5) | 3.65% (n=6) | 2.97% (n=3) | Insufficient |

| Today’s strict matched movements | 12 unchanged | No matched panel | No matched panel | No matched panel |

Interpretation: no bank group can be identified as repricing fastest today: the 12 strictly comparable observations are concentrated at Bank5 and Marcus, and all are unchanged. Regional-bank averages are influenced by newly discovered location-dependent or relationship-tier offers, while the credit-union savings cohort includes low-yield basic shares. These are small, nonrandom panel averages, not national bank-group benchmarks. A defensible Online-vs-National Bank Premium cannot be calculated without matched large-bank coverage.

8 / OnlineBankRates Takeaway

Mortgage rates eased again this week, but the bank deposit products we could compare directly were unchanged. Freddie Mac’s latest 30-year average fell to 7.24%, while two-, five- and ten-year Treasury yields declined Thursday. Our 5 AM refresh added nine verified institutions, bringing coverage to 154, yet none of the 12 strictly matched deposit products showed a verified increase or cut. For savers, conditional liquid savings promotions still reach 5.00% APY, while CFG Bank’s 12-month CD offers 4.65% and Advancial’s five-year jumbo certificate offers 4.87% with a $50,000 minimum. One- and two-year CDs now compare favorably with similar-maturity Treasuries in our tracked offers. New listings are not rate increases, and many older listings are not fresh. Check eligibility, promotional deadlines, balance limits, insurance coverage and withdrawal penalties before acting.

9 / Proprietary Metrics

| Savings Index v2.2 | 2.79% | 2.84% | +5 bp; panel changed; Apple eligibility correction |

| 12-Month CD Index v2.2 | 3.91% | 3.61% | −30 bp; newly included low-yield CDs |

| Rate Breadth — increases | 6 | 0 | 0% of 12 strict matches |

| Rate Breadth — unchanged | 49 | 12 | 100% of 12 strict matches |

| Rate Breadth — cuts | 0 | 0 | No verified cuts |

| Best Cash Yield | 5.00% | 5.00% | Conditional liquid savings promotion |

| Fed Pass-Through Score | Not published | Not published | No adequate fixed 30-day policy cohort |

| Online-vs-National Premium | Not published | Not published | Insufficient matched large-bank sample |

Methodology v2.2: Savings Index is the unweighted mean of the highest fresh eligible adult consumer savings APY once per institution; CD Index is the unweighted mean of the highest fresh standard exact-12-month CD APY once per institution. Exclude business, IRA, youth, education-only and capped Starter/EasyStart products; disclose qualifying relationships, and allow uncapped jumbo tiers. Best Cash Yield is the highest fresh adult consumer savings or money-market APY, including conditional promotions. Rate Breadth requires exact comparable institution, product, term, balance tier, relationship and geographic eligibility, with distinct dated official observations. Index changes reflect different cross-sectional samples, not verified same-product changes.

Historical comparability note: October 29’s published 2.79% Savings Index included Apple EdVantage Savings, which the October 30 source explicitly identifies as education-restricted. Today’s cohort instead uses eligible Apple SafetyNet Savings at 2.75%. The prior published value is preserved in history, not overwritten; this correction and the changing sample make the +5 bp published-index comparison non-like-for-like. Fed Pass-Through Score would measure the percentage of a policy-rate move transmitted to a fixed matched deposit panel over 30 days. Online-vs-National Premium would compare matched online and large-national-bank savings cohorts. Neither is estimated without sufficient observations.

10 / Data Coverage

| Starting Bank Verified institutions | 145 |

| Newly Bank Verified institutions | 9 |

| Ending Bank Verified institutions | 154 |

| New first-party observations appended | 268 |

| Historical append-only Bank Verified observations | 6,180 |

| Current deduplicated Bank Verified rows | 4,263 |

| Net new production rows vs prior day | 214 |

| Third Party Verified production rows | 0 |

| Fresh observations, 0–7 days | 760 |

| Aging observations, 8–30 days | 2,112 |

| Stale observations, 31+ days | 769 |

| Undated observations | 622 |

| Collector raw stale count, 22+ days | 1,669 (not historically comparable) |

| Strict exact-comparable dated observations | 12 |

| Official URLs attempted / numerical captures | 25 / 15 |

| Previously registered URLs rechecked / total | 12 / 287 |

| Previously registered URLs not checked | 275 |

| Official-source attempts without new numeric capture | 10 |

| Explicit retrieval failure | 1 (Leader Bank) |

| Remaining institution discovery queue | 114 |

Nine newly verified institutions: Associated Bank; Atlantic Union Bank; Bridgewater Bank (TIMBR); Members 1st Federal Credit Union; OnPath Federal Credit Union; Quorum Federal Credit Union; SkyOne Federal Credit Union; Solera National Bank; and TruMark Financial Credit Union. Only 12 of 287 registered official URLs were rechecked, so coverage remains partial. Of 25 source attempts, 10 produced no new usable numeric capture; this includes one explicit retrieval failure, five dynamic/JavaScript blocks and four inspected/no-new-number-or-date cases. No third-party rate was substituted.

Freshness reconciliation: the collection marks observations stale at 22+ days, while the historical editorial standard uses 31+ days. Recalculation from the bank-published effective date—not the last check date—gives 760 fresh + 2,112 aging + 769 stale + 622 undated = 4,263 production records. The collector’s 1,669 raw stale count includes 900 observations aged 22–30 days, which are editorially aging. Both counts are disclosed to avoid artificial trend breaks.

Data, Sources and Disclosure

Official benchmark references: Federal Reserve October 28 FOMC statement; Federal Reserve H.15 daily rates; New York Fed EFFR and SOFR as distributed through the St. Louis Fed’s FRED; U.S. Treasury October 29 par yield curve; Freddie Mac October 29 Primary Mortgage Market Survey. Institution-level references: first-party OnlineBankRates October 30 append-only observations and bank-owned rate disclosures. The source evidence, comparable-rate audit, index-cohort audit and metric-history CSV accompany this publication.

• FOMC statement: https://www.federalreserve.gov/newsevents/pressreleases/monetary20261028a.htm

• Federal Reserve H.15: https://www.federalreserve.gov/Releases/H15/Update/

• EFFR (St. Louis Fed): https://fred.stlouisfed.org/series/EFFR

• SOFR (St. Louis Fed): https://fred.stlouisfed.org/series/SOFR

• U.S. Treasury daily par yield curve: https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value_month=202610

• Freddie Mac PMMS: https://www.freddiemac.com/pmms

• CFG Bank rates: https://www.cfg.bank/personal-banking/personal-deposit-rates/

• Advancial rates: https://www.advancial.org/rates

• Apple FCU rates: https://www.applefcu.org/rates

• Bank5 Connect rates: https://www.bank5connect.com/rates

• Associated Bank rates: https://www.associatedbank.com/rate-center

• SkyOne rates: https://skyone.org/rates/

Disclosure: “Bank Verified” means first-party provenance, not guaranteed current availability or eligibility. Rates can change without notice; promotional terms, minimums, account fees, insurance coverage, location and early-withdrawal penalties may apply. All proprietary measures describe a tracked, nonrandom institution panel. Facts, arithmetic calculations and editorial interpretation are separately identified. This publication provides general information only.