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Real-estate stocks moved in different directions during the week ended October 2, 2026: Citybiz reported the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1.5%, office REITs dropped 4.7%, and health-care REITs rose 0.6%. Howard Hughes Holdings (HHH) gained 3.8%. Separately, Freddie Mac’s weekly average for a 30-year fixed mortgage reached 7.28% for the week ending October 1. The periods differ by a day, and the reported market moves do not show that mortgage rates alone caused any stock’s performance.
What fell, and what rose?
Citybiz’s recap of the week ended October 2, 2026, reported losses for the broad real-estate ETF and office REITs, but gains for health-care REITs and Howard Hughes Holdings. The recap does not provide a detailed calculation method for these returns, so the figures below should be read as reported by Citybiz rather than as independently verified exchange calculations.
| Security or category | Reported change | Context |
|---|---|---|
| State Street Real Estate Select Sector SPDR ETF (NYSE: XLRE) | -1.5% | Citybiz, week ended October 2, 2026 |
| S&P 500 | -0.3% | Citybiz, same weekly period |
| Office REITs | -4.7% | Citybiz described this as the steepest decline among property categories in its comparison |
| Health-care REITs | +0.6% | Citybiz, same weekly period |
| Howard Hughes Holdings (NYSE: HHH) | +3.8% | Citybiz, same weekly period; no catalyst was given |
| Fermi (FRMI) | -11% | Citybiz described it as an energy-focused REIT supporting AI development |
| Annaly Capital Management (NYSE: NLY) | -10% | Mortgage REIT, a different business category from property-owning REITs |
Citybiz’s weekly market recap attributes the mortgage-rate figure to Seeking Alpha but does not explain why HHH outperformed or provide enough methodology to reproduce its stock and category figures.
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What does the 7.28% mortgage rate measure?
The 7.28% figure is Freddie Mac’s average rate for a 30-year fixed mortgage for the week ending October 1, 2026, as reported by the Associated Press. It rose from 7.03% the previous week and was above the 6.34% average reported for the same period a year earlier. The average for a 15-year fixed mortgage was 6.60% that week. These are weekly U.S. survey averages, not guaranteed offers to individual borrowers; actual rates vary by borrower and loan terms.
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The AP report says mortgage rates generally follow the 10-year Treasury yield, which lenders use as a guide. A weekly mortgage-rate move is relevant background for housing and property financing, but it does not quantify the effect on any individual stock.
Associated Press coverage of the Freddie Mac weekly mortgage survey
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Why can real-estate stocks diverge when rates are high?
Borrowing costs can affect several parts of the real-estate business: homebuyers may qualify for smaller loans, while property companies may face more expensive financing for acquisitions, development, or refinancing. Those pressures do not affect every company or property type in the same way, and a stock’s weekly return can reflect company-specific and market factors as well as interest-rate expectations.
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Office and health-care REITs own or operate different property portfolios, with distinct tenants, leases, and business conditions. Citybiz’s reported contrast—office REITs down 4.7% while health-care REITs gained 0.6% in the same week—shows why a single label such as “real-estate stocks” can conceal substantial variation. The recap does not identify what drove either category’s move.
Mortgage REITs
Mortgage REITs invest in or finance mortgages rather than simply owning buildings. Annaly Capital Management’s reported 10% weekly decline therefore belongs to a different exposure category from the office and health-care property groups. Fermi, which Citybiz described as supporting AI development through energy infrastructure, is another distinct case rather than a clean proxy for conventional real-estate companies.
Howard Hughes Holdings
HHH’s reported 3.8% gain made it an outlier in this weekly snapshot. Citybiz did not provide a catalyst, and one week of gains does not establish that the company is insulated from rates or that its performance marks a lasting trend.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What do housing indicators add to the picture?
Housing-market indicators offer context about affordability, not an explanation for the quoted stock returns. In its October 1, 2026 coverage, the National Association of Realtors reported Mortgage Bankers Association data showing purchase-mortgage applications fell 5% week over week and 14% year over year. Adjustable-rate mortgages accounted for 10.3% of applications, the highest share since October 2025, according to MBA deputy chief economist Joel Kan as quoted by NAR.
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NAR also reported that 20.8% of active listings had a price reduction in September, the highest September share since 2018, citing Realtor.com’s September 2026 report. Realtor.com chief economist Danielle Hale said: “Inventory is improving and more sellers are adjusting prices, yet the decline in pending sales makes clear that affordability remains a central constraint as the fall season gets underway.” These data suggest pressure on buyers, but they do not establish a direct cause for a particular REIT or stock’s weekly performance.
Quick Recap
NAR’s October 1 housing-market coverage
How to read this market snapshot
- Keep the dates straight: the mortgage average covers the week ending October 1, while Citybiz’s equity recap covers the week ended October 2, 2026.
- Separate property-owning REITs, mortgage REITs, and companies with other real-estate-related exposures before comparing returns.
- Treat housing affordability indicators as housing-market context, not proof of why a security rose or fell.
- Use the weekly figures as a snapshot, not as evidence of a durable trend or a forecast.
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