Data Analysis

Freddie Mac's average 30-year fixed mortgage rate fell to 7.18 percent in the week ending November 5, 2026, from 7.24 percent the prior week, its third weekly decline in a row, but still 0.96 percentage point above the 6.22 percent of a year earlier.

The 30-year rate fell for a third straight week, to 7.18 percent. The 15-year fixed eased to 6.57 percent from 6.60 percent.

Freddie Mac's average 30-year fixed mortgage rate was 7.18 percent in the week ending November 5, 2026, down from 7.24 percent the week before and up from 6.22 percent a year earlier. The 15-year fixed rate averaged 6.57 percent, down from 6.60 percent a week earlier and up from 5.50 percent a year ago. It was the third weekly decline in a row for the 30-year rate and its lowest reading since late September.

What is the average mortgage rate this week?

Freddie Mac's Primary Mortgage Market Survey put the 30-year fixed-rate average at 7.18 percent and the 15-year fixed-rate average at 6.57 percent for the week ending November 5, 2026. The 30-year rate fell 6 basis points and the 15-year rate fell 3 basis points from the week ending October 29.

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 early 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. Our October 8 article noted that 7.40 percent was the highest reading since November 2023. Since then it has fallen three weeks running: to 7.32 percent on October 22, 7.24 percent on October 29, as covered in our October 29 article, and 7.18 percent this week.

That puts the 30-year rate 22 basis points below its October peak and 10 basis points below where October began. The 15-year rate has moved the same way, from 6.73 percent on October 8 to 6.71, 6.68, 6.60 and now 6.57 percent.

The decline is small next to the climb shown in the chart. The 30-year average remains well above its 2026 low of 5.98 percent, set in the week ending February 26.

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

This week's 30-year rate is 0.96 percentage point above the year-earlier 6.22 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 7.18 percent, principal and interest on a 30-year fixed loan of that size is about $2,530 a month. At 6.22 percent, the same loan costs about $2,292, a difference of about $238 a month, or roughly $2,855 a year. Compared with the 7.40 percent peak in October, this week's rate saves about $56 a month on the same loan, and about $15 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 this morning that nonfarm business productivity rose 3.6 percent at an annual rate in the third quarter and that unit labor costs fell 0.7 percent, a sign of less wage pressure on inflation. The Department of Labor reported 189,000 seasonally adjusted initial jobless claims for the week ending October 31, and 4,518 unadjusted claims in Florida. Both reports are covered in today's November 5 brief.

The October jobs report posts Friday, November 6, at 8:30 a.m. ET. FactSet's median forecast is 65,000 jobs with a 4.2 percent unemployment rate. The Federal Reserve held its policy rate at 3.75 percent to 4 percent on October 28, as covered in our Fed decision article, and its next decision is scheduled for December 9. 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 of these reports, and this article does not either.

What does 7.18 percent mean for Florida buyers and sellers?

Each weekly decline lowers a buyer's payment a little, but rates remain close to a full point above a year ago. Redfin reported on October 29 that pending home sales fell 15.9 percent from a year earlier in the four weeks ending October 25, to a record low in its data. Florida's local markets show the same caution: our market articles this week measured several Florida areas with three to nine homes listed for every one under contract, including Pensacola Beach.

Insurance is moving in buyers' favor too. Two Florida insurers filed homeowners and condo rate decreases of 5.6 and 7.3 percent in late October, as noted in today's brief. 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 12, 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 5, 2026 put the average 30-year fixed rate at 7.18 percent, down from 7.24 percent a week earlier and up from 6.22 percent a year ago.

What is the 15-year mortgage rate this week?

The 15-year fixed averaged 6.57 percent in the week ending November 5, 2026, down from 6.60 percent the prior week and up from 5.50 percent a year earlier.

Are mortgage rates going down?

The 30-year average has fallen three weeks in a row, from 7.40 percent to 7.18 percent. It remains about one 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 7.18 percent?

Principal and interest on a 30-year fixed loan of $373,500 at 7.18 percent is about $2,530 a month, compared with about $2,292 at the year-ago rate of 6.22 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 page; rounding can shift a value by a basis point. We could not retrieve a long-run series from FRED for this article. The year-ago values are as Freddie Mac's survey page shows them this week. The Redfin, Florida Realtors, BLS and Department of Labor 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, weeks ending October 1 through November 5, 2026, freddiemac.com/pmms, read November 5, 2026, 12:30 p.m. ET. Florida Realtors, September 2026 statewide housing data, released October 16, 2026. U.S. Bureau of Labor Statistics, Productivity and Costs, Third Quarter 2026, Preliminary, November 5, 2026. U.S. Department of Labor, Unemployment Insurance Weekly Claims, November 5, 2026. FactSet Insight, October 2026 payrolls forecast, November 5, 2026. Federal Reserve, FOMC statement, October 28, 2026. Redfin, "U.S. Home-Sale Prices Just Fell for the First Time in 3 Years," October 29, 2026.

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.