Mortgage rates declined for a third consecutive week in Freddie Mac’s latest survey, offering a modest improvement for prospective homebuyers. As of November 5, 2026, the average 30-year fixed rate was 7.18%, while the 15-year rate stood at 6.57%. Both averages were still higher than at the same time last year.
Key takeaways
- The 30-year fixed-rate mortgage averaged 7.18%, down from 7.24% the previous week.
- The 15-year fixed-rate mortgage averaged 6.57%, down from 6.60% a week earlier.
- Both rates remained above their year-earlier averages.
The latest weekly declines were small, amounting to 0.06 percentage points for the 30-year mortgage and 0.03 points for the 15-year mortgage. Freddie Mac Chief Economist Sam Khater said the continued easing was improving conditions for prospective buyers, even as economic growth remained strong.
How rates compare with a year ago
Despite three straight weeks of declines, borrowing costs were substantially higher than in the comparable period of 2025. The 30-year fixed-rate average was 6.22% a year earlier, 0.96 percentage points below the latest reading. The 15-year average was 5.50% last year, 1.07 points lower than its current level.
That comparison highlights the difference between a short-term downward trend and the broader year-over-year picture: rates have recently eased, but they have not returned to last year’s averages.
What the weekly figures mean
The reported figures are national averages for fixed-rate mortgages, not guaranteed rates for individual borrowers. A borrower’s available offer can vary based on factors including credit profile, loan details, lender and location. The weekly movement therefore signals a change in the general rate environment, rather than a promise that every homebuyer will see the same reduction.
For buyers considering a purchase or refinance, the latest update provides evidence of gradual near-term relief alongside still-higher annual comparisons. The figures are based on Freddie Mac’s survey as of November 5, 2026.