Mortgage Rates Today, Nov 13: 30-Year Refinance Rate Jumps by 17 Basis Points

If you felt a shift in the mortgage market this week, you were not imagining things. Mortgage rates today—November 13, 2025—show a noticeable uptick, with the 30-year fixed refinance rate rising by 17 basis points to 6.96%. While the increase isn’t dramatic, it signals a shift from the recent period of rate stability and may prompt borrowers to reassess their timing for refinancing

This increase, reported by Zillow, confirms that for the moment, the era of stable rates hovering just below the 7% threshold has ended, making borrowing marginally more expensive for those considering a refinance.

Mortgage Rates Today, Nov 13: 30-Year Refinance Rate Jumps by 17 Basis Points

For me, tracking these small weekly movements is like trying to read tea leaves. One week we see a dip, the next we see a rise. While 17 basis points (that’s 0.17%) might sound small, it’s a strong signal about where the market believes rates are headed, especially given that just a week ago, the average was 6.79%. This tells me that the whispers about inflation cooling down might not be loud enough yet to convince lenders to drop their prices.

Let’s dive into exactly what happened this week, why most existing homeowners aren't worried, and why the small movements in the refinance market tell a much bigger story about the housing market as a whole.

Breaking Down the Basis Points

Every day, I look to data sources like Zillow because they give us a clear snapshot of the lending realities across the country. The recent climb in the 30-year fixed refinance rate is the headline, but it wasn't the only change we saw.

According to latest figures, here is the official breakdown of the national average refinance rates as of Thursday, November 13, 2025:

Loan Type	Previous Rate	Current Rate	Change (Basis Points)
30-Year Fixed Refinance	6.79%	6.96%	+17 bps
15-Year Fixed Refinance	5.71%	5.80%	+9 bps
5-Year ARM Refinance	–	7.36%	N/A

I also noted that this 6.96% rate is 8 basis points higher than the previous week’s average of 6.88%. This slow, steady upward crawl is what really catches my attention. It suggests lenders are worried about something staying hot—and usually, that “something” is broader economic strength, defying the Federal Reserve’s efforts to slow everything down.

Who Cares About Refinancing Right Now?

This is where my professional expertise comes in handy. When rates flirt with 7%, most people understandably assume that refinancing is a dead issue. And for the vast majority of homeowners, they are absolutely right.

The Great Rate Divide

I constantly remind my readers and clients about the massive discrepancy in mortgage rates across the country created by the pandemic-era housing boom. The data supports what I’ve been observing:

• A majority of existing American homeowners (about ***70%***) hold mortgages with interest rates locked in below 5%. Many are sitting comfortably below 4%, or even 3%.
• For these homeowners, a 7% refinance rate holds absolutely zero appeal. They have no financial incentive to swap a cheap loan for an expensive one. Refinance applications were already low and, unsurprisingly, decreased another 3% this past week, sensitive to these slight rate increases.

Niche Opportunities That Remain

However, I believe focusing only on the 70% misses the specialized opportunity. Refinancing isn't dead for everyone. It is currently a niche product, perfect for a specific group of people:

1. The Recent Buyer: If you are one of the unlucky folks who bought a home in the summer or fall of 2023 when rates briefly peaked above 8%, today’s 6.96% rate is a lifeline. Dropping your rate by a full percentage point or more could save hundreds of dollars a month.
2. The Adjustable Rate Mortgage (ARM) Holder: If your 5/1 ARM is about to adjust—especially if you snagged that ARM in the 2018–2020 period—refinancing into a fixed rate below 7% could be crucial if your contractual rate jump takes you into the 8s or 9s.
3. The Cash-Out Necessity: Sometimes, money simply needs to be accessed, regardless of the cost. If you need a significant cash-out refinance to pay for emergency medical bills or critical home repairs, consolidating existing high-interest debt (like credit cards that charge 25% or more) under a 6.96% mortgage still makes excellent financial sense.

The Hidden Trend: Purchase Power is Back

While the rate rise might discourage refinancers, what truly makes this week’s data insightful is the strong movement in the purchase market.

According to the Mortgage Bankers Association's (MBA) Weekly Applications Survey, the total volume of mortgage applications only increased by a modest 0.6% week-over-week. But when you look closer, the details reveal real optimism:

MBA Application Breakdown (Reporting Period Ending Nov 13, 2025)

Application Type	Weekly Change	Key Trend
Total Volume	+0.6%	Slight overall growth.
Refinance Applications	-3.0%	Highly sensitive to rising rates.
Purchase Applications	+6.0%	Reached their highest level since September.

I see that 6% jump in purchase applications as the definitive piece of evidence that buyers are finally adjusting to the “new normal” of high interest rates.

Why the surge? My theory is simple: rate stability. Even though the absolute rate is high (around 7%), the fact that it has stayed mostly within a tight band (6.7% to 7.1%) for several months has given potential buyers the confidence to commit. They’ve realized that the 3% rates are history, and there is no guarantee that waiting six more months will result in lower rates. Fear of missing out on housing inventory, combined with acceptance of the current rate environment, is pulling them back off the sidelines. They have started to treat the sub-7% rate as a reasonable deal.

The Big Picture: Stability Amidst Volatility and Alternative Solutions

In my view, the rate stability we’ve experienced recently is a reflection of mixed signals from the U.S. economy. We see proof that inflation is easing, which should theoretically lower rates. But we also see steady consumer spending and a resilient job market, which signals strength—strength that puts upward pressure on rates.

Housing economists generally agree, and I certainly concur, that refinance rates will likely remain above 6% through the end of 2025. The Federal Reserve might cut rates in December, potentially resulting in a slight drop for mortgages, but that move is primarily aimed at cooling other parts of the economy, not triggering a housing frenzy. The 3% loans many of us remember are simply not coming back anytime soon.

The Shift to Alternative Equity Access

Since full refinancing is mostly off the table for the 70% of homeowners with low rates, I’ve seen a massive surge in alternative products designed to tap into record high home equity.

• Home Equity Lines of Credit (HELOCs): These are extremely popular right now. A HELOC allows a homeowner to access the equity in their home—usually for home improvements or debt consolidation—without touching their primary, low-interest mortgage. While the HELOC rate might be variable and relatively high (the 5-year ARM is currently 7.36%, which shows you the price of variable money), it’s often still cheaper than personal loans or high-interest credit cards.
• Second Mortgages/Home Equity Loans: These offer a fixed repayment schedule, useful for large, one-time expenses.

This strategy of using a HELOC is smart. It allows you to leverage your home's appreciation (which has been massive in recent years) while securing your valuable low-rate primary loan. My advice is if you need cash, pursue a second lien rather than upsetting the apple cart of your 3.5% first mortgage.

My Final Thoughts on Timing and Strategy

The 17 basis point rise in the 30-year fixed refinance rate is a reminder that the market is still delicate, and dips are fleeting.

For anyone who has been waiting on the sidelines to refinance out of a high-rate loan (say, 7.5% or above), I believe this data point should serve as a wake-up call to act sooner rather than later. While we may see rates fluctuate downwards, the trend that they could move back up toward 7.5% is a real possibility, especially if economic data next month comes in hotter than expected.

If you are a prospective buyer, the 6% jump in purchase applications tells you that competition is heating up. We are seeing a stabilization of rate acceptance, which means more people are willing to enter the market. If you are ready to buy, delaying a purchase based on the hope of dramatically lower rates might be a mistake, as you risk facing higher prices and more bidding wars down the road.

My takeaway is simple: The window for optimizing your current mortgage situation is shrinking. If you fit into one of the “niche opportunity” categories identified earlier, now is the time to lock in rates before they inch closer to the 7% mark. Don't wait for the magic 5% rate; it is not on the 2025 forecast horizon.