US mortgage rates fell for a third straight week in early November 2026, yet homebuyers are still leaving the market, according to the Mortgage Bankers Association (MBA).

The numbers

  • 30-year fixed mortgage: 7.30% on average (MBA survey, week ending 31 October), down from 7.37% the week before, for conforming loans of $832,750 or less with a 20% down payment
  • Freddie Mac’s weekly survey: 7.24% on 29 October, down from 7.32% the week before
  • Purchase applications fell 2% week-on-week and were 19% lower than a year ago; total application volume fell 1%
  • The average rate on a 5/1 adjustable-rate mortgage fell to 6.29% from 6.41% — and ARMs now make up about 10.5% of new applications

Why rates are easing — and why buyers are not rushing back

Rates drifted down after the Federal Reserve held its benchmark rate at 3.75%–4.00% on 28 October. Even so, rates are still about a full percentage point higher than a year ago, and affordability remains tight — so buyers are waiting even as rates edge lower.

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