The average 30-year fixed mortgage rate fell to 7.11% in Freddie Mac's survey on Thursday 12 November 2026, down from 7.18% a week earlier. It was the fourth weekly decline in a row and the lowest level in seven weeks.
That is the good news. The less good news is that rates are almost a full point above a year ago, the Federal Reserve is about to raise its own rate, and the bond yield that mortgages actually track rose late in the week.
The short version
- 30-year fixed: 7.11%, down from 7.18%. A year ago: 6.24%.
- 15-year fixed: 6.45%, down from 6.57%. A year ago: 5.49%.
- Trend: four straight weekly falls, lowest in seven weeks.
- But: the Fed is expected to raise rates on 9 December, and the ten-year Treasury yield was about 5.13% on 13 November.
- Next readings: Thursday 19 November, then Wednesday 25 November (moved for Thanksgiving).
Current mortgage rates (Freddie Mac, 12 November 2026)
| Loan | This week | Last week | A year ago |
|---|---|---|---|
| 30-year fixed | 7.11% | 7.18% | 6.24% |
| 15-year fixed | 6.45% | 6.57% | 5.49% |
These are survey averages for borrowers with strong credit and a 20% deposit. Your quote will depend on your credit score, deposit, loan size and points.
What does 7.11% cost per month?
Monthly principal and interest on a 30-year loan, before taxes and insurance:
| Loan amount | At 7.11% | At 6.24% (a year ago) | Extra each month |
|---|---|---|---|
| $300,000 | $2,018 | $1,845 | $173 |
| $400,000 | $2,691 | $2,460 | $231 |
| $500,000 | $3,364 | $3,075 | $289 |
On a $400,000 loan, the difference between this year's rate and last year's is about $2,800 a year, or more than $83,000 over 30 years.
Will mortgage rates go up after the Fed hikes in December?
Not automatically. This is the most misunderstood part of the housing market.
The Fed sets a short-term rate. Mortgages are long-term loans, and lenders price them off the ten-year Treasury yield plus a margin. The Fed influences that yield, but so do inflation expectations, government borrowing and global demand for US bonds.
A hike that markets already expect is mostly priced in. CME FedWatch put the odds of a December hike at 100% on 13 November. If the Fed raises by a quarter point as expected, mortgage rates may barely move. If it raises by half a point, or signals more hikes into 2027, they would probably rise.
The warning sign is the ten-year yield. It was around 5.13% on Friday 13 November, after a hot producer price report. Freddie Mac's survey is collected from Monday to Wednesday, so this week's 7.11% does not yet reflect Friday's move. Do not be surprised if the 19 November reading ticks up.
Should I lock my mortgage rate now?
That depends on your timeline and your nerves, not on a forecast. Some useful rules:
- If you close within 30 to 45 days, a lock removes the risk of a bad inflation surprise between now and closing. The Fed decides on 9 December and November inflation comes out on 10 December.
- Ask about a float-down option. Some lenders let you lock and still take a lower rate if the market falls before closing, usually for a fee.
- Compare at least three lenders on the same day. The spread between lenders' quotes for the same borrower is often larger than the weekly move in the average.
This is general information, not financial advice.
Is now a good time to buy a house?
Rates are high but falling slowly, and some markets are softening. In Tampa, listing prices are down almost 6% on a year ago. For buyers who can afford today's payment, a falling price can matter more than waiting for a rate cut that is not coming soon: with the Fed raising rates, a quick return to 6% is unlikely. If rates do fall later, refinancing is an option; a lower purchase price is not something you can go back and get.
For investors, the arithmetic is tighter. At 7% money, many rentals do not cash-flow without a large deposit. Our US real estate investor fundamentals guide walks through how to test a deal.
Frequently asked questions
What are mortgage rates today?
Freddie Mac's average 30-year fixed rate was 7.11% on 12 November 2026, and the 15-year was 6.45%.
Are mortgage rates going down?
They have fallen for four straight weeks, but rising Treasury yields and an expected Fed hike could stall or reverse the decline.
Does a Fed rate hike raise mortgage rates?
Not directly. Mortgage rates follow the ten-year Treasury yield. An expected hike is mostly priced in already; a bigger-than-expected hike or signals of more to come would push mortgage rates higher.
When is the next Freddie Mac mortgage rate update?
Thursday 19 November 2026, then Wednesday 25 November because of Thanksgiving.
Sources
Freddie Mac Primary Mortgage Market Survey; Stock Titan on the 12 November release; The Money Overview on 15-year rates; openPR on Tampa listings; CNBC markets, 13 November for Treasury yields and FedWatch odds. Payments calculated by RNM. As of 15 November 2026.
