Category: Business News
The average rate on a 30-year fixed mortgage in the United States fell to 7.18% in the week ending 5 November 2026, the third weekly fall in a row, according to Freddie Mac’s Primary Mortgage Market Survey released on 5 November 2026.
The 30-year rate was 7.24% a week earlier and 7.32% on 22 October, so it has come down 14 basis points in three weeks. A year ago, the same rate was 6.22%. The 15-year fixed rate also eased, to 6.57% from 6.60% last week. A year ago, the 15-year rate was 5.50%.
The survey’s four-week average for the 30-year rate is 7.29%. Over the past 52 weeks, the 30-year rate has ranged from a low of 5.98% to a high of 7.40%.
What the fall means for a homebuyer
The week’s 6-basis-point fall is small in money terms. On a $300,000 loan, it saves roughly $12 a month in principal and interest — taxes, insurance and fees are not included in that figure. The bigger point is the direction: three straight weekly falls after months of rates sitting above 7%.
Freddie Mac’s chief economist Sam Khater said mortgage rates continued their downward trajectory, improving the environment for prospective homebuyers against a backdrop of strong economic growth.
Demand is still weak
Lower rates have not yet brought buyers back in large numbers. Mortgage applications fell 1.2% in the week ending 30 October, according to the Mortgage Bankers Association. Many buyers are waiting for a bigger fall before committing.
The outlook is cautious too. Zillow’s outlook of 28 October expects rates to stay above 7% for the rest of 2026 and above 6.5% in 2027. The US Federal Reserve’s next policy meeting is on 8–9 December 2026.
One important limit: Freddie Mac’s survey covers conventional, conforming, fully amortising home-purchase loans for borrowers who put 20% down and have excellent credit. It is not an average of every rate quoted in the market, so many borrowers will be quoted higher rates than 7.18%.
Source: Freddie Mac Primary Mortgage Market Survey via GlobeNewswire, 5 November 2026.
