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U.S. Mortgage Rates Drop; China Commits to Soybean Purchases

10/31/2025

32 3 Full Breakdown

Summary

Story summary

The average 30-year U.S. mortgage rate fell to 6.17% on October 30, 2025, its lowest level in over a year.
Borrowing costs for 15-year fixed-rate mortgages declined to 5.41%.
China agreed to purchase 25 million metric tons of U.S. soybeans annually, starting with 12 million by January, in a three-year deal.
The agreement includes the removal of retaliatory tariffs on American agricultural products.

History

Historical Context

The U.S.-China trade relationship has been tumultuous since 2018, marked by retaliatory tariffs that severely impacted American agriculture, particularly soybeans, which saw exports plummet from $19.5 billion in 2017 to $9.1 billion in 2018. In January 2020, the Phase One Agreement aimed to restore trade, with China committing to purchase $36.5 billion in U.S. agricultural products, including soybeans, reflecting ongoing economic adjustments.

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Story summary

The average 30-year U.S. mortgage rate fell to 6.17% on October 30, 2025, its lowest level in over a year.
Borrowing costs for 15-year fixed-rate mortgages declined to 5.41%.
China agreed to purchase 25 million metric tons of U.S. soybeans annually, starting with 12 million by January, in a three-year deal.
The agreement includes the removal of retaliatory tariffs on American agricultural products.

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