The average interest rate on a benchmark 30-year fixed-rate mortgage in the United States declined for the fourth consecutive week, dropping to 7.11 percent as of Thursday, November 12, 2026. Released by federal mortgage finance buyer Freddie Mac in its Primary Mortgage Market Survey, the latest reading eased from 7.18 percent a week earlier and reached its lowest level in seven weeks, while the 15-year fixed-rate mortgage slid to 6.45 percent from 6.57 percent. One year ago, the 30-year fixed-rate mortgage averaged 6.24 percent, while the 15-year fixed option averaged 5.49 percent.
Persistently high financing expenses combined with elevated median home prices have severely constrained first-time homebuyer affordability throughout 2026, pushing October existing-home sales down to their slowest annualized pace since August 2010. Real estate brokers noted Thursday's modest dip offers temporary relief for contract-ready buyers shopping ahead of winter. Because Freddie Mac collects lender rate quotes through Wednesday evening, the weekly survey average does not yet incorporate Thursday afternoon's modest bond yield jump following softer 30-year Treasury auction demand.
Freddie Mac Chief Economist Sam Khater stated: "Mortgage rates dropped to their lowest level in seven weeks, a welcome development that gives borrowers greater flexibility as they navigate the current housing market." Mortgage market analysts cautioned that after October's hotter-than-expected Consumer Price Index release, sustained progress below seven percent will depend heavily on Federal Reserve rate guidance during the upcoming December policy meeting. While Freddie Mac's weekly survey posted 7.11 percent, daily rate trackers at Mortgage Research reported average 30-year fixed quotes jumping to 7.27 percent on Thursday afternoon alongside climbing Treasury yields. Mortgage Bankers Association data shows refinancing activity still accounts for roughly 29.1 percent of total applications, as millions of homeowners locked into pandemic-era loans under four percent remain reluctant to list properties for sale.
