Mortgage rates ease again as November begins

U.S. mortgage rates moved lower again, with the average interest rate on a 30-year fixed-rate conforming loan at 7.046%, down from the previous day, according to Mortgage Research Center data.

The average rate on a 15-year fixed-rate conforming mortgage also fell over the same period, slipping to 6.247%.

Mortgage rate snapshot

Here’s a brief look at how rates have shifted recently.

Fortune reviewed the latest Mortgage Research Center figures available on Nov. 5.

What today’s rates could cost in interest

Using the federal government’s Office of Financial Readiness mortgage calculator, a $300,000 loan at the current 7.046% rate on a 30-year mortgage would generate about $421,869.73 in total interest over the life of the loan.

For the same loan amount on a 15-year mortgage at 6.247%, the total interest would come to roughly $162,919.86.

How the Fortune/MRC partnership works

Fortune works with Mortgage Research Center, a mortgage-data specialist, to keep readers informed during the homebuying process. The publication reviews average rates supplied by MRC on each workday they are available, covering a range of loan types.

Below is a day-by-day look at rate changes.

30-year conventional mortgage rates

This remains one of the most common mortgage options in the United States.

The average rate for a 30-year mortgage now stands at 7.046%, down from 7.085% in the prior report.

15-year conventional mortgage rates

This loan type appeals to borrowers who want to reduce the amount of interest paid over the life of the mortgage.

The current average rate is 6.247%, down from 6.293% in the previous report.

30-year jumbo mortgage rates

A jumbo mortgage is a loan that exceeds the conforming limits set by the Federal Housing Finance Agency. While those limits can be higher in certain expensive markets, the cap in most of the U.S. is $832,750.

The average rate on a 30-year jumbo loan is 7.299%, down from 7.315% in the prior report.

30-year FHA mortgage rates

This loan type can be more accessible for borrowers with lower credit scores than a conventional mortgage, since it is insured by the Federal Housing Administration and offers lenders additional protection.

The average rate on a 30-year FHA home loan is 6.549%, down from 6.578% in the prior report.

30-year VA mortgage rates

These loans are generally available to U.S. military members, veterans, and surviving spouses. One major advantage is that they typically do not require a minimum down payment.

The average rate on a 30-year VA home loan is 6.614%, down from 6.640% in the prior report.

30-year USDA mortgage rates

A USDA loan is designed to help low- and moderate-income borrowers buy homes in eligible rural areas. Like VA loans, these mortgages do not require a minimum down payment.

The average rate on a 30-year USDA home loan is 6.799%, down from 6.956% in the prior report.

What the Federal Reserve is doing

The Federal Reserve does not directly set mortgage rates or other consumer loan rates. It does, however, control the federal funds rate, which is what banks charge one another for overnight borrowing. Consumer borrowing costs often move in step with changes to that benchmark.

When the Fed raises the rate, lenders often respond by increasing mortgage and other loan rates. When the central bank lowers it, consumer rates may also fall.

The latest meeting of the Federal Open Market Committee left the federal funds rate unchanged at 3.75% to 4.00%. Another FOMC meeting is scheduled later in the year.

During the pandemic-era recession scare in 2020, the Fed cut rates to effectively zero. Mortgage rates then plunged, reaching a record low average of 2.65% in January 2021.

Still, unless another major global shock occurs, experts do not expect mortgage rates to return to those levels anytime soon.

Mortgage application trends

Mortgage applications have edged lower. A weekly survey from the Mortgage Bankers Association showed applications fell 1.2% for the week ending Oct. 30 from the week before, even as rates recently moved down.

“Mortgage rates drifted down to their lowest level since September 2026 last week in the wake of the Federal Reserve’s decision to hold on additional rate hikes at its October meeting,” Mike Fratantoni, the MBA’s senior vice president and chief economist, said in a news release.

Purchase activity was slightly lower for the week, while refinancing activity was mostly unchanged.

Fratantoni added:

“As we have highlighted in recent weeks, more borrowers are choosing ARMs in this environment to lower their initial payments, with the ARM share at its highest level since September 2025.”

ARMs rose to 11.4% of all applications.

Recent housing coverage from Fortune

If you want to stay better informed, take a look at Fortune’s reporting on housing and the broader economy:

• Ken Griffin and Jeff Bezos helped make Miami a billionaire magnet—but Florida’s new $250,000 homestead exemption barely makes a dent for them
• The ‘haunted’ housing market’s real problem may be too few people, not too few homes, says J.P. Morgan’s David Kelly
• A 3.4% GDP print hides a ‘haunted’ housing market and a September stall in the economy
• The Pentagon and Britain are bracing for the power to go out. The ultrawealthy got there first, with backup generators, escape homes, and stockpiles
• Coconut Grove is Miami’s billionaire enclave, drawing Larry Page and Ken Griffin. Now luxury hotelier Raffles is building 35 homes there from $4.5M
• Michael Burry of ‘The Big Short’ was asked to give advice to Gen Z: ‘Buy half the house you can afford,’ and ‘If it flies or floats, rent it’
• Jeff Bezos reportedly added a $69.5 million beach house to his $237 million Miami compound. A broker says that’s how billionaires live now

Why comparing lenders matters

Shopping around can save money on everyday purchases, and the same is true for financial products such as mortgages. Freddie Mac says homebuyers in high-rate environments who apply with several lenders may save between $600 and $1,200 a year compared with those who do not.

Two key factors matter when comparing mortgage offers. One is which lender gives you the lowest rate and the level of service that best fits your needs.

The other is the kind of loan you ultimately choose. For instance, borrowers with strong credit may qualify for attractive conventional mortgage terms, while someone with a credit score below 600 may be denied for a conventional loan but still qualify for an FHA mortgage.

Frequently asked questions

Are mortgage interest rates and APR the same?

Not exactly. APR is usually higher because it includes interest plus any applicable fees.

What counts as a good mortgage rate?

With average 30-year conventional rates holding above 7.00%, a rate a little above 6.50% would likely be considered a strong offer.

Will mortgage rates fall?

Possibly, but nothing is guaranteed. If the Fed cuts the federal funds rate, mortgage rates could move lower as well. Even so, other forces also influence rates, including inflation, demand for home loans, and the national debt. With only one Fed meeting left this year, market watchers do not expect a cut to the benchmark rate.