Mortgage rates have spent the past few weeks backing away from their October peak, but they are still hovering right around 7%, and this week brings fresh economic data that could nudge them either way. For families shopping for a home or thinking about refinancing, here is where borrowing costs stand as of Tuesday, November 10, 2026, and what to watch.
The latest weekly numbers
In its most recent weekly Primary Mortgage Market Survey, released Thursday, November 5, Freddie Mac said the average 30-year fixed mortgage rate fell to 7.18%, down from 7.24% the week before, according to the Associated Press and RISMedia. It was the third straight weekly decline. A year earlier, the same rate averaged 6.22%.
The average 15-year fixed rate slipped to 6.57% from 6.60% the prior week, compared with 5.50% a year ago, the reports said.
The AP noted that the 30-year average climbed to about 7.4% in early October, its highest level in nearly three years. Back in late February it had briefly dipped to 5.98%, the lowest since late 2022. According to the AP, the rise since then has added roughly $300 to $350 a month to the cost of a $400,000 loan.
Daily rates so far this week
Daily trackers, which use different data and methods than Freddie Mac, showed a mixed picture to start the week. Fortune, using Mortgage Research Center data, reported the average 30-year conventional rate at 7.026% on Monday, November 9, down about 8 basis points from a week earlier. The same report put the 15-year rate at 6.221%, the 30-year FHA rate at 6.488% and the 30-year VA rate at 6.562%.
NerdWallet, using Zillow data, reported the average 30-year APR at 6.98% on Monday, up slightly from Friday but still below 7%. The Mortgage Reports listed a 30-year conventional average of 7.201% from its lender network Monday morning. Because each survey measures rates differently, the exact numbers do not match, but they point in the same general direction: near 7%, and well below where they were a month ago.
Why rates have eased, and what could change that
Mortgage rates generally follow the 10-year Treasury yield. The AP reported that the 10-year yield topped 5.30% in early October, its highest level since 2002, before easing to 4.84% by midday November 5. The AP also said rates had risen since late February, when the U.S. war with Iran began and pushed oil prices and inflation higher.
This week brings several reports that markets watch closely. The October Consumer Price Index, a key inflation measure, was scheduled for release Tuesday morning, followed by weekly jobless claims on Thursday and producer prices on Friday, according to The Mortgage Reports. NerdWallet said a stronger-than-expected October jobs report had added to expectations that rates could stay elevated. The Federal Reserve’s next policy meeting is December 8-9.
Forecasters do not expect a dramatic drop soon. Bankrate reported that housing economists no longer expect rates to fall below 6% in the near future. Forecasts cited by The Mortgage Reports put the 30-year rate in a range of roughly 7.2% to 7.5% through the third quarter of 2027.
Buyers who can afford it are “in a relatively strong position, facing less competition and more price cuts,” said Hannah Jones, Realtor.com senior economist, via RISMedia.
RISMedia also reported that 43% of active listings have had a price reduction, according to Realtor.com, while pending sales in October were down 10.5% from a year earlier.
Why it matters for families
Even small rate moves can change a monthly payment. Bankrate estimated that a principal-and-interest payment on a median-priced home, with 20% down at 7.26%, comes to about $2,281 a month, roughly 26% of a typical family’s monthly income. Some practical steps families can consider:
- Compare offers from several lenders. Freddie Mac estimates, as cited by Fortune, that borrowers in high-rate periods who apply with multiple lenders may save $600 to $1,200 a year.
- Remember that averages are only a guide. The rate you are offered depends on your credit, income, down payment and loan type, as the AP noted.
- Look beyond the 30-year loan. FHA and VA averages have been running lower than conventional rates in daily surveys, and eligibility rules vary.
- Budget for the full monthly cost, including taxes and insurance, not just principal and interest.
- Talk with a licensed loan officer or housing counselor before making a decision. This article is general information, not financial advice.
What to watch next
Freddie Mac typically publishes its weekly survey on Thursdays, so the next reading should show whether the three-week slide continues after this week’s inflation data. Upstormed News will keep following mortgage rates and what they mean for buyers, sellers and renters.
More real estate from Upstormed
Related coverage on Upstormed News: Dow Jumps 1,100 Points as Oil Slides and Chips Rebound; Nvidia Lags and Ukraine, Russia and U.S. Open Abu Dhabi Peace Talks Tuesday as Europe Seeks a Role.
Read more: Condo Sellers Now Outnumber Buyers More Than 2 to 1, the Widest Gap Since 2013
Are today’s mortgage rates changing your plans to buy, sell or refinance?
Sources: Associated Press via WCAX, “The average US 30-year mortgage rate falls to 7.18% this week, its third straight decline” (November 5, 2026); RISMedia, “Mortgage Rates Edge Down for Third Week” (November 5, 2026); Bankrate via FOX19, “Mortgage rates continue quick retreat” (November 4, 2026); Fortune, “Mortgage rates today, Nov. 9, 2026, rates move down again” (November 9, 2026); NerdWallet, “Mortgage Rates Today, Monday, November 9: A Little Higher” (November 9, 2026); The Mortgage Reports, “Mortgage Rates Ease in Freddie Mac’s Weekly Average” (November 9, 2026)
Leave a Reply