Today’s Mortgage Rates, November 26: 30-Year FRM Drops, Hovering Just Above 6%

The big news today, November 26th, is that today's mortgage rates are hovering so close to the 6% mark for a 30-year fixed loan that it feels like we're holding our breath. According to Zillow, the average rate has dipped to 6.04%, its lowest point this year. This is significant because breaking below that 6% barrier could really shake things up, encouraging more people to buy homes or refinance their existing mortgages.

For a while now, mortgage rates have been a bit of a rollercoaster, and seeing them consistently above 6.5% through much of 2025 had many potential buyers on the sidelines. But this recent downward trend, especially the noticeable drop in the 15-year fixed rate to 5.47%, is a welcome sign.

It suggests that the market is becoming more favorable, and opportunities are popping up for both those looking to purchase their first home and for homeowners wanting to lower their monthly payments. This subtle shift feels like a turning point we've been anticipating.

Today's Mortgage Rates, November 26: 30-Year FRM Drops, Hovering Just Above 6%

Understanding the Numbers: Today's Mortgage Rates Snapshot

To give you a clear picture, here's what the average mortgage rates look like today for those looking to buy a home, based on Zillow's data. Remember, these are national averages and can vary based on your specific situation, credit score, and lender.

Loan Type	Average Rate
30-Year Fixed	6.04%
20-Year Fixed	5.84%
15-Year Fixed	5.47%
5/1 ARM	6.16%
7/1 ARM	6.12%
30-Year VA	5.36%
15-Year VA	4.96%
5/1 VA	4.91%

Why the Sub-6% Mark Matters So Much

Think of mortgage rates like the price tag on one of the biggest purchases most people will ever make – a home. When that price tag comes down, even by a little, it makes the whole prospect much more appealing. For years, we've seen rates fluctuate, and for a long stretch, they felt stubbornly high. A dip to 6.04% on the 30-year fixed is not just a number; it's a psychological threshold.

When rates are hovering just above 6%, people tend to wait and see if they'll go lower. But once they officially dip below 6%, it often triggers a “now or never” feeling. This is because a lower rate can significantly reduce your monthly payment over the life of the loan. For folks considering buying, that translates to a more affordable monthly housing cost, potentially allowing them to qualify for a larger loan or simply save money each month. For those looking to refinance, it's an opportunity to either lower their monthly payment, shorten their loan term, or even cash out some equity. My experience tells me that when a rate like this appears, the phones start ringing for lenders, and open houses see more foot traffic.

The 15-Year Fixed: A Smart Choice for Many

While the 30-year fixed gets a lot of attention, I always tell people to consider the 15-year fixed option. Today, it's looking particularly attractive with an average rate of 5.47%. While the monthly payments on a 15-year loan are typically higher than on a 30-year loan, you pay significantly less interest over the life of the loan and own your home free and clear much sooner.

• Faster Equity Building: You build equity in your home at a much quicker pace.
• Substantial Interest Savings: The total interest paid can be tens or even hundreds of thousands of dollars less.
• Financial Freedom: Being mortgage-free sooner provides immense financial flexibility for retirement or other life goals.

This lower rate on the 15-year, coupled with the inherent savings, makes it a powerful option for anyone who can comfortably manage the higher monthly payments. It’s a path to owning your home outright in half the time, which is a pretty compelling carrot to dangle.

VA Loans: Exceptional Value for Eligible Veterans

One of the consistently bright spots in the mortgage market are VA loans, designed for eligible veterans and active-duty military personnel. The rates for VA loans today are notably lower than conventional loans, showcasing the continued value they offer.

• 30-Year VA: 5.36%
• 15-Year VA: 4.96%
• 5/1 VA: 4.91%

These rates, particularly the 30-year at 5.36%, are well below the conventional 30-year fixed rate. This program is a testament to our nation's commitment to its service members, providing them with more affordable access to homeownership. If you're a veteran or active-duty military member, exploring a VA loan is almost always a must-do.

Refinance Rates: Opportunities and Considerations

Now, let's talk about refinancing. The mortgage market data shows a slight difference between rates for purchasing a home and rates for refinancing. For instance, the 30-year fixed refinance rate is at 6.18%, compared to the 6.04% for purchases. This isn't unusual; lenders often price these differently.

So, what does this mean for homeowners considering a refinance?

• The Gap is Small: The difference of 0.14% for a 30-year fixed is not massive. If you're looking to lower your monthly payment or tap into equity, now might still be a good time.
• Assess Your Goals: Are you looking to simply lower your payment and keep the same loan term? Or do you want to shorten your loan term and pay less interest overall (which might mean a similar or slightly higher payment if you go from a 30-year to a 15-year)? Understanding your goal is key.
• Don't Wait Too Long: While rates might drop further, they could also go up. If you see a rate that meets your financial objectives and provides tangible savings, it's worth acting on. Waiting for the absolute lowest possible rate can sometimes mean missing out on a good opportunity altogether. I've seen clients who waited too long and saw rates climb back up, regretting not refinancing when they had the chance.

Here are the refinance rates, also from Zillow:

Loan Type	Average Rate
30-Year Fixed	6.18%
20-Year Fixed	6.11%
15-Year Fixed	5.66%
5/1 ARM	6.47%
7/1 ARM	6.64%
30-Year VA	5.49%
15-Year VA	5.15%
5/1 VA	5.02%

What's Driving These Rate Movements?

Several factors are influencing these mortgage rate dips. For a while, there's been a lot of buzz about the Federal Reserve potentially cutting its benchmark interest rate. While not a done deal for December, the anticipation alone is enough to nudge mortgage rates downward because investors often react to these signals. When investors expect rates to fall, they tend to buy more long-term bonds, which can drive down yields—and mortgage rates tend to follow bond yields.

On the housing front, despite ongoing concerns about high home prices, government loan programs like FHA, VA, and USDA are seeing consistent application volumes. These programs offer more flexible qualification requirements and often lower down payment options, making them incredibly appealing to a wider range of buyers, especially those who might be priced out of conventional markets.

Looking back, it's important to remember where we've come from. While today's rates are a welcome relief compared to earlier in 2025 or even the peak of 2023 and 2024, they are still higher than the historic lows we saw during the pandemic. This disconnect is a big reason why so many homeowners are feeling “golden handcuffed”—they have a fantastic, low-interest rate on their current mortgage and are hesitant to move and take on a new, higher rate. This has, in turn, impacted the inventory of homes for sale.

The Bottom Line

Today, November 26th, the mortgage market is offering a glimmer of hope for many looking to buy or refinance. With the 30-year fixed rate teetering on the edge of 6%, a significant psychological and practical barrier could soon fall. The 15-year fixed is particularly appealing for its long-term savings, and VA loans continue to provide excellent value for those eligible. While external economic factors are at play, the current trend is generally moving in a direction that makes homeownership and refinancing more accessible. My advice? If you've been waiting, now is a good time to start seriously evaluating your options and talking to a lender.