GLOPRAGlobal Property Radar

US mortgage rates fall to 7.11% in November 2026

Freddie Mac put the US 30-year fixed mortgage rate at 7.11% on 12 November 2026, a fourth straight weekly fall, still 87 basis points above a year ago.

The facts

  • Freddie Mac's Primary Mortgage Market Survey puts the 30-year fixed-rate mortgage at 7.11% as of November 12, 2026, down from 7.18% a week earlier, a fall of 7 basis points and the fourth consecutive weekly decline.
  • The 15-year fixed-rate mortgage averaged 6.45%, down from 6.57%, a fall of 12 basis points.
  • Both sit well above the same point in 2025, when the 30-year averaged 6.24% and the 15-year 5.49%, gaps of 87 and 96 basis points.
  • Freddie Mac describes rates as having dropped to their lowest level in seven weeks, and says this gives borrowers greater flexibility as they navigate the current housing market.
  • The survey is built from the mortgage rate on loan applications submitted to Freddie Mac through its Loan Product Advisor system. It is not a collection of current lender quotes and not a record of settled loans.
  • Because lenders are not always required to report them, the survey publishes no average fees and points, so the quoted rate is not the all-in cost of a loan. Results are released weekly on Thursdays at noon Eastern time and cover applications from the prior Thursday through Wednesday.

What it means for your money

  • Financing is cheaper for the fourth week running. On the 30-year, 7 basis points off 7.18%.
  • Glopra data put the typical US home value at USD 369,678 and the typical asking rent at USD 1,948 a month, the income side that has to carry whatever rate the loan is written at.
  • An existing owner on a fixed loan taken out earlier is untouched by this. One who needs to refinance now meets 7.11% against the 6.24% available a year ago, which is the more expensive comparison for anyone whose fixed period is ending.
  • The headline rate understates the bill. With no fees and points published, the quoted 7.11% is the rate before the costs that lenders add at closing, and US transaction costs already run to about 6.9% of the price on Glopra's figures.

What to watch

  • At the time of writing, no dated press release for this week had appeared in Freddie Mac's news archive; the figures carry the survey page's own stamp of November 12, 2026.
  • The weekly direction and the annual direction disagree. Four consecutive falls sit inside a year-on-year gap of 87 basis points, so a buyer comparing with 2025 is still paying more.
  • The next survey is due the following Thursday at noon Eastern time.

Sources: Freddie Mac https://www.freddiemac.com/pmms

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