Mortgage rates fell for a third straight week. Freddie Mac's November 5, 2026 survey shows the average 30-year fixed rate hit 7.18%, down from 7.24% the previous week. The 15-year fixed rate fell to 6.57%, down from 6.60%.
Sam Khater, Freddie Mac's chief economist, said rates "continued their downward trajectory this week" and called the trend "improving the environment for prospective homebuyers against a backdrop of strong economic growth."
A 0.06-percentage-point drop saves roughly $14 a month on a $350,000 loan. A full one-point drop saves closer to $230 a month.
Context matters. A year ago, the 30-year fixed rate averaged 6.22%. Today's 7.18% sits almost a full point higher, even after three weeks of declines. The 15-year rate has climbed from 5.50% a year ago to 6.57% now.
Before house hunting, check your debt-to-income ratio, which compares your monthly debt payments to gross monthly income. Most lenders want that number at 43% or lower for conventional loans. Lenders also reserve their best rates for borrowers with credit scores of 740 or higher.
Falling rates do not automatically raise your price range. Your target still depends on your income, existing debt, and down payment. Use this window to improve your credit, pay down revolving balances, and save for a larger down payment rather than rushing to buy based on a headline rate.
Rates still respond to inflation data, Federal Reserve policy, and bond markets, all of which shift fast. Three weeks of drops do not guarantee rates keep falling.