Mortgage Rates Today, Nov 12: 30-Year Fixed Rate Ticks Up, Refinance Costs Get Pricier

As of today, November 12th, 2025, the national average for a 30-year fixed refinance rate has seen a small tick upwards to 6.91%. For those thinking about refinancing, this means that what was a slightly better rate yesterday is now marginally more expensive. While this 3-basis point increase from 6.88% might seem tiny, it's a reminder that even small shifts can matter when it comes to borrowing big sums. Today's slight uptick signals a time to be proactive and consider your refinancing options carefully.

Mortgage Rates Today, Nov 12: 30-Year Fixed Rate Ticks Up, Refinance Costs Get Pricier

What a 3 Basis Point Increase Really Means for Your Wallet

Let's break down what a 3-basis point increase actually translates to. A basis point is one-hundredth of a percent. So, a 3-basis point increase means the rate went up by 0.03%. For a large mortgage amount, however, this tiny percentage can add up.

Imagine you're refinancing a $300,000 loan.

• At 6.88%, your monthly principal and interest payment would be approximately $1,969.
• At 6.91%, your monthly principal and interest payment would rise to roughly $1,977.

That's an extra $8 per month. Over the life of a 30-year loan, this difference, while not massive, is still something to consider. For some homeowners, this slight increase might be enough to push them into a different refinance bracket or make them re-evaluate if now is the absolute best time to lock in a rate.

Refinance Timing: Should You Lock in Rates Before Further Hikes?

This is the million-dollar question, isn't it? Based on the data from Zillow, we've seen a slight increase. My professional opinion is that while this specific jump is small, it's part of a broader trend that suggests rates might continue to fluctuate, and potentially rise.

Historically, when refinance rates begin a slow climb, it often signals a good time for those who have been considering refinancing to act sooner rather than later. Waiting could mean facing even higher rates down the line. However, it's also crucial not to rush into a decision. You should only refinance if it truly benefits you financially.

• Have you been seeing a significant drop in your current mortgage rate compared to your existing rate?
• Do you plan to sell your home in the near future? If so, a refinance might not be worth the closing costs.
• Are you looking to tap into your home equity using a cash-out refinance?

These are all factors that influence the “right” time to refinance. Today's slight increase is a prompt to at least explore your options.

Comparing Your Refinance Choices: 30-Year Fixed vs. 15-Year Options

Zillow's data also shows movement in other loan types. The 15-year fixed refinance rate has increased by 6 basis points to 5.89%. Meanwhile, the 5-year ARM (Adjustable-Rate Mortgage) refinance rate has seen a more noticeable jump of 11 basis points to 7.54%.

This offers a valuable point of comparison:

• 30-Year Fixed: Offers lower monthly payments, providing more breathing room in your budget. However, you'll pay more interest over the life of the loan. The slight rise to 6.91% means these lower payments are now marginally higher.
• 15-Year Fixed: Comes with higher monthly payments but a lower overall interest cost and you'll own your home free and clear much sooner. The climb to 5.89% makes this option slightly more expensive on a monthly basis than it was very recently.
• 5-Year ARM: Often starts with a lower introductory rate, but this rate can increase significantly after the initial fixed period. The jump to 7.54% highlights the volatility associated with ARMs, especially in a rising rate environment.

My advice is to carefully consider your financial stability and how long you plan to stay in your home. If you have a steady income and the higher payments are manageable, a 15-year fixed can be a fantastic way to build equity rapidly. If preserving monthly cash flow is a priority, the 30-year fixed remains a popular choice, despite the slight rate increase.

The Power of Your Credit Score in Securing Refinance Rates

It's essential to remember that the national average rates are just that – averages. Your personal refinance rate will depend heavily on your individual financial profile. One of the biggest factors is your credit score.

• Excellent Credit (740+): You're likely to qualify for rates at or even below the published averages. This is where having a strong credit history really pays off.
• Good Credit (670-739): You'll still get competitive rates, but they might be a bit higher than the absolute best advertised percentages.
• Fair Credit (580-669): Refinance rates will likely be higher, and you might face stricter lending requirements.
• Poor Credit (below 580): Refinancing might be challenging, and if approved, the rates could be prohibitively high.

If you're thinking about refinancing, one of the best first steps is to check your credit report and score. Improving your score, even by a few points, can sometimes make a significant difference in the rate you're offered.

Your Debt-to-Income Ratio: A Key Factor for Lenders

Another critical piece of the puzzle for lenders is your debt-to-income ratio (DTI). This ratio compares your total monthly debt payments (including your intended mortgage payment) to your gross monthly income.

Lenders generally prefer a DTI of 43% or lower, although some programs may allow for slightly higher ratios. A lower DTI tells lenders you have more disposable income and are less likely to struggle with your monthly payments.

• How to calculate: Add up all your minimum monthly debt payments (credit cards, car loans, student loans, personal loans, and your estimated new mortgage payment). Divide that sum by your gross monthly income.

If your DTI is high, you might want to focus on paying down existing debts before diving into a refinance application.

Considering a Cash-Out Refinance? The Pros and Cons

A cash-out refinance allows you to borrow more than you owe on your mortgage and take the difference in cash. This can be a tempting way to fund major expenses like home renovations, education, or consolidating debt.

Pros:

• Access to a potentially large sum of cash.
• Often at a lower interest rate than other forms of borrowing (like personal loans or credit cards).
• You can use the funds for various purposes.

Cons:

• You're increasing your mortgage debt, meaning higher monthly payments and more interest paid over time.
• You're using your home as collateral, putting it at risk if you can't make payments.
• Closing costs can be significant.
• The current rate of 6.91% for a 30-year fixed might make the overall cost of borrowing higher than you anticipated.

From my perspective, a cash-out refinance should be approached with caution. It's a powerful tool, but it's essentially turning home equity into debt, so ensure you have a solid plan for repayment and that the benefits clearly outweigh the costs and risks.

The Role of Loan-to-Value (LTV) Ratio in Refinancing

The loan-to-value ratio (LTV) is another metric lenders scrutinize. It measures the amount of your mortgage loan against the appraised value of your home.

• Formula: (Loan Amount / Home's Appraised Value) x 100 = LTV

A lower LTV generally means a lower risk for the lender. For example, a home valued at $400,000 with a $200,000 mortgage has an LTV of 50%. A home with the same value but a $300,000 mortgage has an LTV of 75%.

• Higher LTVs can sometimes lead to higher interest rates or require private mortgage insurance (PMI) if you're not in a cash-out situation that forces a higher LTV. Many lenders prefer an LTV of 80% or lower for refinances without requiring upfront fees like PMI.

If your home's value has increased significantly, your LTV might be lower, potentially opening doors to better refinance terms.

Don't Forget the Costs: Refinancing Fees to Consider

Refinancing isn't free. You'll typically encounter several closing costs, which can add up. These might include:

• Appraisal Fee: To determine your home's current market value.
• Title Search and Insurance: To ensure there are no claims against your property.
• Origination Fee: Charged by the lender for processing your loan.
• Recording Fees: Paid to your local government to record the new mortgage.
• Attorney Fees: If an attorney is involved in the closing process.

These costs can range from 2% to 6% of the loan amount. It's crucial to factor these into your calculations. You'll want to ensure that the savings you expect to achieve from the lower interest rate will recoup these costs within a reasonable timeframe, known as the break-even point.

Final Thoughts

Today, November 12th, 2025, brings a slight uptick in the 30-year fixed refinance rate to 6.91%, as reported by Zillow. While this isn't a dramatic shift, it serves as a gentle nudge for homeowners considering a refinance. My take is that while the rates haven't hit rock bottom, they certainly aren't at their peak either. It's a nuanced moment.

If you've been contemplating a refinance to lower your monthly payments or tap into equity, now is likely a good time to explore your options with your lender, compare offers, and run the numbers to see if it makes financial sense for your unique situation. Don't let the small changes discourage you, but do use them as motivation to make an informed decision.