10/21/2026
Rick Sikora, Realtor — Keller Williams Steel City
Mortgage rates
Today’s Zillow-powered national averages: 30-year fixed 7.23% (7.24% APR) and 15-year fixed 6.74% (6.76% APR), accurate Oct. 21. These are national marketplace averages, not individual loan offers. Source
Freddie Mac weekly benchmark (Oct. 15): 30-year fixed 7.40%, unchanged from Oct. 8; 15-year fixed 6.71%, down 2 basis points. The next weekly release is Oct. 22. Freddie Mac
Federal Reserve distinction: The federal-funds target remains 3.75%–4.00%. It is an overnight policy rate, not a mortgage rate. Mortgage pricing reacts more directly to Treasury/MBS yields, inflation expectations, lender pricing and borrower qualifications. The next scheduled FOMC meeting is Oct. 27–28.
Housing news
Pending sales hit a record low: The NAR Pending Home Sales Index fell 7.3% month over month in September to 66.0, the lowest level since the series began in 2001. Contract activity was 11.3% below September 2025, and all four regions declined. This is a forward-looking signal for closings: sellers should expect fewer qualified buyers and more negotiation, while buyers with financing and job stability may gain leverage. Reuters, Oct. 20
Mortgage demand also softened: Total MBA mortgage applications decreased 5.3% in the week ending Oct. 16. Separately, September applications for newly built homes fell 8.3%. The combination of weaker applications, record-low pending sales and builder incentives argues for payment-focused listing strategy rather than relying on headline price trends. MBA research
Pennsylvania: No consequential new statewide housing release was identified this morning. PHFA’s latest major announcement remains its Oct. 7 sale of $478 million in mortgage-revenue bonds supporting Keystone Home Loan and K-FLEX, K-FIT and K-DATE assistance programs. PHFA news
