Data Analysis

Freddie Mac's average 30-year fixed mortgage rate fell to 7.11 percent in the week ending November 12, 2026, from 7.18 percent the prior week, its fourth weekly decline in a row and its lowest level in seven weeks, but still 0.87 percentage point above the 6.24 percent of a year earlier.

By Jon Brooks, Co-Founder, Momentum Realty · Updated November 12, 2026

The 30-year rate fell for a fourth straight week, to 7.11 percent. The 15-year fixed dropped to 6.45 percent from 6.57 percent.

Freddie Mac's average 30-year fixed mortgage rate was 7.11 percent in the week ending November 12, 2026, down from 7.18 percent the week before and up from 6.24 percent a year earlier. The 15-year fixed rate averaged 6.45 percent, down from 6.57 percent a week earlier and up from 5.49 percent a year ago. It was the fourth weekly decline in a row for the 30-year rate, and Freddie Mac chief economist Sam Khater said rates "dropped to their lowest level in seven weeks."

What is the average mortgage rate this week?

Freddie Mac's Primary Mortgage Market Survey put the 30-year fixed-rate average at 7.11 percent and the 15-year fixed-rate average at 6.45 percent for the week ending November 12, 2026. The 30-year rate fell 7 basis points and the 15-year rate fell 12 basis points from the week ending November 5.

The survey is a weekly average of rates on conventional, conforming, fully amortizing loans for borrowers who put 20 percent down and have excellent credit, drawn from applications lenders submit to Freddie Mac. A borrower's own quote can sit above or below the average depending on credit score, down payment, loan type, points and the day the rate is locked.

How have mortgage rates moved since October?

The 30-year average was 7.28 percent on October 1, rose to 7.40 percent on October 8 and held there on October 15. Since then it has fallen four weeks running: to 7.32 percent on October 22, 7.24 percent on October 29, 7.18 percent on November 5, as covered in our November 5 mortgage rates article, and 7.11 percent this week.

That puts the 30-year rate 29 basis points below its October peak and 17 basis points below where October began. The 15-year rate has followed: 6.73 percent on October 8, then 6.71, 6.68, 6.60, 6.57 and now 6.45 percent. The chart shows the full weekly path since January 2025. The 30-year average remains well above its 2026 low of 5.98 percent, set in the week ending February 26.

Why does this matter after today's home sales report?

The National Association of Realtors reported this morning that existing-home sales fell 5.5 percent in October to a seasonally adjusted annual rate of 3.75 million, the lowest pace since August 2010, according to NAR chief economist Lawrence Yun. NAR cited Freddie Mac's October monthly average of 7.33 percent, up from 6.86 percent in September. Our October existing-home sales article has the full report, including the South region, which includes Florida, where sales fell 6.5 percent and the median price slipped 0.4 percent to $360,900.

October closings mostly reflect contracts signed in August and September, before the recent decline in rates. This week's 7.11 percent is 22 basis points below October's 7.33 percent average and 25 basis points above September's 6.86 percent average, as NAR cited them.

How much more does a mortgage cost than a year ago?

This week's 30-year rate is 0.87 percentage point above the year-earlier 6.24 percent. Take a buyer financing a home at Florida's September single-family median sale price of $415,000, as reported by Florida Realtors, with 10 percent down, for a loan of $373,500.

At 7.11 percent, principal and interest on a 30-year fixed loan of that size is about $2,513 a month. At 6.24 percent, the same loan costs about $2,297, a difference of about $215 a month, or roughly $2,580 a year. Compared with the 7.40 percent peak in October, this week's rate saves about $73 a month on the same loan, and about $18 a month compared with last week. These figures exclude property taxes, homeowners and flood insurance, mortgage insurance and association dues, which add heavily to Florida housing costs. Our escrow shortage calculator covers the tax and insurance side of the payment.

What else happened this week that matters for rates?

The Bureau of Labor Statistics reported on November 10 that consumer prices rose 0.4 percent in October and core prices rose 0.3 percent, with shelter slowing to 0.3 percent, as covered in our October CPI article. The Federal Reserve's next policy decision is scheduled for December 9, and the minutes of its October meeting are due November 18. The Fed does not set mortgage rates, which tend to follow longer-term Treasury yields. Freddie Mac's weekly release does not attribute this week's decline to any single report, and this article does not either.

What does 7.11 percent mean for Florida buyers and sellers?

Four weekly declines have lowered the payment on a typical Florida loan by about $73 a month from the October peak, but rates remain close to a full point above a year ago. Khater said the lower rates give borrowers more room to maneuver. Florida Realtors publishes its October statewide figures on November 16, the first statewide read on how Florida closings fared during October's rate peak.

For buyers, the practical step is unchanged: compare quotes from more than one lender on the same day, since daily rates move around the weekly average. Local listings and prices are on the Miami, Orlando, Tampa and Jacksonville market pages and the Florida housing tracker.

When is the next mortgage rate survey?

Freddie Mac publishes the Primary Mortgage Market Survey on Thursdays at noon ET. The next survey is scheduled for Thursday, November 19, 2026. Freddie Mac's publication calendar moves the Thanksgiving week release to Wednesday, November 25.

People also ask

What is the 30-year mortgage rate today?

Freddie Mac's survey for the week ending November 12, 2026 put the average 30-year fixed rate at 7.11 percent, down from 7.18 percent a week earlier and up from 6.24 percent a year ago.

What is the 15-year mortgage rate this week?

The 15-year fixed averaged 6.45 percent in the week ending November 12, 2026, down from 6.57 percent the prior week and up from 5.49 percent a year earlier.

Are mortgage rates going down?

The 30-year average has fallen four weeks in a row, from 7.40 percent to 7.11 percent, its lowest level in seven weeks. It remains 0.87 percentage point above its year-ago level and well above its 2026 low of 5.98 percent.

What is the monthly payment on a $373,500 loan at 7.11 percent?

Principal and interest on a 30-year fixed loan of $373,500 at 7.11 percent is about $2,513 a month, compared with about $2,297 at the year-ago rate of 6.24 percent. Taxes and insurance are extra.

Limitations

The Freddie Mac survey is a national weekly average for borrowers with strong credit and 20 percent down. It has no Florida breakdown and does not describe the rate any particular borrower will receive. Payment estimates are Momentum Research calculations of principal and interest only, using 10 percent down for illustration. The chart's weekly values through October 8 come from the series used in our October 8 article and later weeks from Freddie Mac's survey archive and current page; rounding can shift a value by a basis point. The year-ago values are as Freddie Mac's survey page shows them this week and differ slightly from last week's comparison week. The NAR, BLS and Florida Realtors figures use different methods and periods, and none of them shows how much of any change in sales is caused by rates.

Sources

Freddie Mac, Primary Mortgage Market Survey, week ending November 12, 2026, freddiemac.com/pmms, read November 12, 2026, 12:35 p.m. ET, and survey archive, weeks ending October 22 through November 5, 2026. Freddie Mac news release, "Mortgage Rates Decline for Fourth Consecutive Week to 7.11%," November 12, 2026. National Association of Realtors, existing-home sales for October 2026, released November 12, 2026. U.S. Bureau of Labor Statistics, Consumer Price Index for October 2026, released November 10, 2026. Florida Realtors, September 2026 statewide housing data, released October 16, 2026. Federal Reserve, FOMC meeting calendar.

Disclosure: Jon Brooks is a co-founder of Momentum Realty, a Florida real estate brokerage that owns and funds Florida Housing Intelligence. Momentum has a financial interest in Florida real estate transactions, including in markets named here. See our editorial standards.