Key Takeaways
- The 30-year fixed-rate mortgage averaged 7.11% as of November 12, 2026, down from 7.18% last week, a fourth straight weekly decline and the lowest level in seven weeks.
- The 15-year fixed fell almost twice as fast, down 12 basis points to 6.45% from 6.57%, which widened the gap between the two loans to 66 basis points.
- On a $300,000 loan, this week’s 30-year rate costs about $59 a month less than the 7.40% peak of mid-October, but about $173 a month more than a year ago.
- Realtor.com warns a reversal could come as soon as next week after a hotter-than-expected inflation report, so this window may be short.
Mortgage rates eased for a fourth week in a row. Freddie Mac’s Primary Mortgage Market Survey, released November 12, put the 30-year fixed-rate mortgage at 7.11%, down 7 basis points from 7.18% last week.
That is the lowest reading in seven weeks. It is still 87 basis points above the 6.24% average of a year ago, an author’s subtraction of Freddie Mac’s two figures.
“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,” said Sam Khater, Freddie Mac’s Chief Economist.
Four Weeks Down From the 7.40% Peak
The decline is now a full month long. The 30-year average has fallen 29 basis points from the 7.40% it held on October 8 and October 15, an author’s subtraction.
| Freddie Mac survey week | 30-year fixed | 15-year fixed |
|---|---|---|
| October 15, 2026 | 7.40% | 6.71% |
| October 22, 2026 | 7.32% | 6.68% |
| October 29, 2026 | 7.24% | 6.60% |
| November 5, 2026 | 7.18% | 6.57% |
| November 12, 2026 | 7.11% | 6.45% |
| One year ago | 6.24% | 5.49% |
The fresh insight this week sits in the second column. The 15-year fixed dropped 12 basis points in one week, nearly double the 30-year loan’s 7-point move, after falling just 3 points the week before.
That pushed the spread between the two loans from 61 basis points last week to 66 basis points now, an author’s subtraction of Freddie Mac’s figures. A wider spread makes the shorter loan relatively cheaper than it was a week ago, not just cheaper in absolute terms.
Demand is already responding to the direction. Mortgage applications rose 6.2% in the week ending November 6, with purchase applications up 8% on a seasonally adjusted basis, as the Mortgage Bankers Association’s own contract rate fell for a fourth straight week to 7.21%.
What 7.11% Actually Saves, and What the 15-Year Costs
Rate headlines hide the dollar stakes, so here is the math on one loan size. The figures below are the author’s amortization calculations for principal and interest only on a $300,000 loan.
- 30-year at 7.11%: about $2,018 a month, roughly $14 a month less than at last week’s 7.18% and about $59 a month less than at the 7.40% October peak.
- 30-year a year ago at 6.24%: about $1,845 a month, so today’s borrower still pays about $173 a month more for the same loan.
- 15-year at 6.45%: about $2,605 a month, about $20 a month less than at last week’s 6.57% despite the shorter term.
- The 15-year trade: it costs about $587 a month more than the 30-year on the same $300,000, but pays about $257,608 less in total interest over the life of the loan.
For an investor, that last line is the decision that matters. A 15-year loan builds equity far faster, but the higher required payment also raises the monthly cash a property must produce to carry itself, so it fits a strong-cash-flow deal and strains a thin one.
Context matters too. October’s closed sales were priced in a higher-rate world: existing-home sales fell 5.5% in October to 3.75 million, the lowest since August 2010, in a month when Freddie Mac’s 30-year average was 7.33%.
Freddie Mac states the survey’s limits plainly. The Primary Mortgage Market Survey is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit, so it is a benchmark for top-tier borrowers, not a quote any one borrower is promised.
Use This Window, but Do Not Assume It Stays Open
The risk to this relief is already visible. Redfin’s latest weekly update, built on last week’s 7.18% average, showed the median monthly payment falling to a six-week low of $2,755, and daily rates have since ticked back up after a hot inflation report.
Realtor.com, reporting on this same Freddie Mac release, warns that a reversal could come as soon as next week. Its economist Jiayi Xu put the Federal Reserve question this way: “The debate is no longer if the Fed hikes, but how far and how fast.”
Realtor.com also reports that odds of a 25-basis-point increase in December topped 93%, according to CME FedWatch. A weekly survey average can keep falling on last week’s applications while daily quotes are already moving the other way.
- If you locked near the peak, ask about a re-price. A borrower quoted at 7.40% in mid-October is looking at about $59 a month less on a $300,000 loan at 7.11%; ask your lender what a float-down or a new lock would cost before assuming the saving is out of reach.
- Price both terms, not just the 30-year. The 15-year fell almost twice as fast this week and now sits 66 basis points below the 30-year; on a $300,000 loan that choice is about $587 more a month for about $257,608 less interest.
- Underwrite investors’ deals at a stressed rate. Run the numbers at 7.11%, then again half a point higher, because the same reports carrying this decline also flag a possible reversal next week.
- Check today’s daily quote, not the survey. The 7.11% figure is a weekly average for borrowers with 20% down and excellent credit; your actual rate depends on your credit, down payment, and loan type.
Data source: Freddie Mac, Primary Mortgage Market Survey, released November 12, 2026, with the October 15, October 22, October 29, and November 5, 2026 survey weeks for the trend table. Payment and interest figures are the author’s calculations, principal and interest only.
