The average 30-year fixed mortgage rate fell to 7.18% in Freddie Mac's survey for the week of Nov. 5, 2026, its third straight weekly decline. That is down from a 7.40% peak in early October but still about a full point higher than the 6.22% average a year earlier. The 15-year fixed averaged 6.57%.
Freddie Mac: 30-year average falls to 7.18%
Freddie Mac's Primary Mortgage Market Survey (PMMS) for the week of Nov. 5, 2026 put the average 30-year fixed rate at 7.18%, down from 7.24% the prior week. Freddie Mac described it as the third consecutive weekly decline. The 15-year fixed averaged 6.57%, down from 6.60%.
PMMS figures are national averages for borrowers with strong credit and a 20% down payment. They are a benchmark, not a quote: the rate any borrower is offered depends on credit score, down payment, loan type, points and the lender. You can model your own scenario with our mortgage rate calculator.
How rates moved over the past month and year
The fall run-up was fast. According to the PMMS history published on FRED, the 30-year average was 6.71% on Sept. 3, crossed 7% at 7.03% on Sept. 24, and reached 7.40% on Oct. 8 and again on Oct. 15. Since then it has eased each week: 7.32% on Oct. 22, 7.24% on Oct. 29 and 7.18% on Nov. 5.
Over a longer window the picture is less friendly. A year ago, on Nov. 6, 2025, the 30-year averaged 6.22% and the 15-year averaged 5.50%. The 2026 low came on Feb. 26, when the 30-year average was 5.98%. The 15-year rate followed a similar path, peaking at 6.73% on Oct. 8, 2026.
- Sept. 3, 2026: 30-year 6.71%, 15-year 6.04%
- Oct. 8, 2026: 30-year 7.40%, 15-year 6.73%
- Nov. 5, 2026: 30-year 7.18%, 15-year 6.57%
Why rates jumped, and why they are easing
Mortgage rates tend to follow the 10-year Treasury yield. The 10-year yield, as published by the St. Louis Fed, rose from about 4.77% on Sept. 3 to 5.31% on Oct. 5, then slipped back to 4.86% by Nov. 6. Mortgage rates traced the same arc with a lag.
Policy played a role too. The Federal Reserve raised its policy rate a quarter point in September and held it at 3.75% to 4.00% on Oct. 28, saying inflation "remains elevated." Two Fed officials dissented in favor of another hike. The 10-year yield, and mortgage rates with it, drifted lower in the weeks around that meeting, but future moves will depend on inflation data.
What the 15-year and ARMs offer right now
The 15-year fixed averaged 0.61 point below the 30-year this week. A shorter term means a higher monthly payment but far less total interest. Because the loan is repaid in half the time, the 15-year payment is usually higher even at a lower rate, while total interest paid is much lower. The mortgage calculator shows the trade-off for your numbers.
Some buyers are looking at adjustable-rate loans. The Mortgage Bankers Association said ARMs made up 11.4% of applications in the week ending Oct. 30, with an average 5/1 ARM contract rate of 6.29%. ARMs can reset higher later, so compare both options in our fixed vs. adjustable guide.
What this means for Texas borrowers
For a Texas buyer, the gap between this week's 7.18% average and last year's 6.22% adds meaningfully to the principal-and-interest payment on the same loan amount. Texas property taxes and insurance come on top of that, so it may be worth getting pre-approved on a realistic payment rather than a best-case one. Start with our purchase loan overview or the Texas mortgage hub.
First-time buyers may be able to offset some of the cost with down payment assistance or a lower-down-payment program such as an FHA loan. Eligible veterans can compare a VA loan. Rates could keep easing or turn back up; no one can promise the direction. A licensed loan officer can help you compare lender offers side by side. Find a loan officer or start an application.
Sources
- Primary Mortgage Market Survey (week of Nov. 5, 2026), Freddie Mac (November 5, 2026)
- 30-Year Fixed Rate Mortgage Average in the United States (MORTGAGE30US), Federal Reserve Bank of St. Louis (FRED) (November 5, 2026)
- 15-Year Fixed Rate Mortgage Average in the United States (MORTGAGE15US), Federal Reserve Bank of St. Louis (FRED) (November 5, 2026)
- Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity (DGS10), Federal Reserve Bank of St. Louis (FRED) (November 6, 2026)
- Federal Reserve issues FOMC statement, Board of Governors of the Federal Reserve System (October 28, 2026)
- Mortgage Applications Decrease in Latest MBA Weekly Survey, Mortgage Bankers Association (November 4, 2026)
This article is for general information about the mortgage market and is not financial, legal or tax advice. Figures come from the sources listed and may have changed since publication. Rates and averages cited are published market data, not an offer or HomyLoan rates. HomyLoan, LLC is a licensed mortgage broker, Company NMLS 2783307, not a lender. All loans are subject to credit approval and program guidelines. Equal Housing Opportunity.
