Mortgage rates have mostly recovered today after yesterday's jump scare.

The average interest rate on a 30-year, fixed-rate mortgage dropped to 7.18% APR, according to rates provided to NerdWallet by Zillow. This is 14 basis points lower than yesterday and two basis points lower than a week ago. (See our chart below for more specifics.) A basis point is one one-hundredth of a percentage point.

Mortgage rates were elevated this month. The average 30-year mortgage rate for all of October was 7.3%, compared to September's monthly average rate of 6.98%.

While the economy never sleeps, markets are closed on the weekends. The rates you see Friday are unlikely to change much (if at all) until Monday. Happy Halloween!

Average mortgage rates, last 30 days

🤓 Kate on Rates

📈 What influences mortgage rates?

Mortgage rates are constantly changing, since a major part of how rates are set depends on reactions to new inflation reports, job numbers, Fed meetings, global news ... you name it.…