If you're thinking about buying a home or refinancing your current mortgage, you're probably wondering what's going to happen with interest rates over the next year. It’s a question I get asked all the time, and for good reason! Rates have been a rollercoaster ride for the past few years.

Right now, in mid-November 2025, we’re seeing the average 30-year fixed mortgage rate a bit lower than it was earlier in the year, hovering around 6.22%. While that’s a welcome drop from the highs we saw near 7%, it’s still quite a bit higher than those super-low rates from a few years ago. So, what’s in store for mortgage rates between November 2025 and November 2026? The good news is that most signs point to a gradual easing, but it's not going to be a straight shot down.

Mortgage Rates Predictions Next 12 Months: November 2025 to November 2026

What's Driving Mortgage Rates Right Now?

Before we peer into the crystal ball, let's quickly look at what's influencing mortgage rates today. Think of mortgage rates as being connected to a bunch of different economic factors, kind of like how your mood can be affected by how much sleep you got, what you ate, and what’s going on at work.

• The Federal Reserve's Moves: You've probably heard about the Fed cutting interest rates. They recently made a 0.25% cut, bringing their main rate down. This is good because it makes borrowing money cheaper for banks, and that can eventually trickle down to mortgage rates. The outlook is for a couple more cuts in 2025 and maybe one in 2026. However, mortgage rates are more closely tied to longer-term borrowing costs, not just the Fed's short-term rates.
• Treasury Yields: This is a big one. When people buy U.S. Treasury bonds, especially the 10-year ones, it's a bit like the market is setting a benchmark for interest rates. Right now, these yields are around 4.1%. The best predictions suggest they’ll stay in a similar range, maybe dipping slightly, through 2026. This means rates probably won't plummet, but they also shouldn’t skyrocket unless something unexpected happens.
• Inflation and the Economy: Is inflation cooling down? That's the golden question! If prices keep rising slower, the Fed has more room to cut rates, which usually means lower mortgage rates. We've seen some good signs, with inflation trending downwards. The job market is also still pretty strong, which is good for the economy but can sometimes keep inflation from falling too fast. It's a balancing act.
• Housing Market Stuff: Believe it or not, how many homes are for sale and how many people want to buy them also play a role. If there aren't many homes available, prices can stay high, and that can keep mortgage rates from dropping significantly.

Peeking Ahead: November 2025 to March 2026

For the next few months, into early 2026, I expect mortgage rates to mostly stay put, kind of like they’re holding their breath. We’ll likely see them hover in the mid-6% range.

• Possible Dips: If inflation continues to cool off nicely and those Treasury yields stay steady or even dip a bit, we might see rates sneak down toward 6.0% or 6.3%.
• Watch Out for Surprises: However, things can change quickly. If there's a surprise jump in inflation or some big news on the world stage (like a new geopolitical tension), rates could become a bit jumpy and move back up. It's going to be important to keep an eye on the weekly reports.

Looking Further Out: April to November 2026

As we move into the later half of 2026, the picture starts to get a bit clearer, and the signs lean towards a gradual decline.

• The Trend is Down (Slowly): Most experts who study this stuff are predicting that rates will likely ease down to around 5.9% to 6.2% by the time November 2026 rolls around. This is thanks to more anticipated interest rate cuts from the Federal Reserve and hopefully continued cooling of inflation.
• Why Not Lower?: Even with these drops, it’s unlikely we’ll see a return to those super-low rates from the pandemic days anytime soon. Part of the reason is that there's still a shortage of homes for sale. When demand is high and supply is low, it tends to put a floor under how low prices and rates can go. Some economists think rates might not comfortably drop below 6% until the middle of 2026.

What the Experts Are Saying: Forecasts from Key Players

It’s always helpful to see what the major organizations in the housing and real estate world are predicting. When you look at a few different groups, a general pattern emerges: rates are expected to moderate, not crash.

Here’s a quick look at some of their predictions as gathered from recent reports:

These are estimates, folks! They all depend on the economy behaving in certain ways. If the economy grows stronger than expected, rates might stay a bit higher. If it slows down more than anticipated, rates could fall faster.

A Look Back to See the Future: Historical Context

To really get a feel for where we might be going, it's useful to see where we've been. Mortgage rates have been all over the place. Remember when they were close to 18% in the early 1980s? Or how they dipped below 3% during the pandemic?

Here's a look at annual average rates for a 30-year fixed mortgage:

• 2020: 3.11% (Pandemic lows!)
• 2021: 2.96%
• 2022: 5.34% (Inflation hits hard!)
• 2023: 6.81%
• 2024: Averaging around 6.95%
• 2025 (So far): Around 6.50% (Starting to ease a bit)

And based on what experts are saying now, we could see an average of around 6.0% in 2026. This chart helps us see that while we're not going back to the ultra-low rates anytime soon, the current rates are much closer to the pre-pandemic norm than the peaks we saw.

What Does This Mean for You?

If you're looking to buy or refinance, these predictions have real-world impacts:

• For Buyers: As rates slowly ease, it could open the door for more people to buy. This might mean things stay competitive, but without the crazy bidding wars we saw a couple of years ago. Over the next year, seeing rates move down from the mid-6% range towards the low 6% or even dipping below 6% is a real possibility. This could make monthly payments more affordable.
• For Refinancers: If your current mortgage rate is significantly higher than the ones available, refinancing could save you a good chunk of money each month. Keep an eye on those rate drops and do the math to see if it makes sense for you.
• Home Prices: We're not expecting home prices to skyrocket, nor are we expecting them to crash. Most forecasts predict modest price increases, or even staying flat in some areas. This is good because it prevents the market from getting overheated again.

My Take on It (Based on Experience!)

Having followed the housing market for years, I've learned that predicting exact numbers is a tricky business. However, I'm pretty confident in the overall trend. We're likely past the peak anxiety of super-high rates. The Federal Reserve is signaling they want to help the economy, and inflation seems to be cooperating, albeit slowly.

It's my opinion that we’ll see rates gradually settle into a range that's more sustainable for the housing market. This means that those who can afford the current rates will continue to buy, and as rates inch lower, more buyers will be able to jump in. We won't likely see a drastic plunge, but rather a steady, measured decline that makes homeownership more accessible over the next year. The key will be for borrowers to stay patient and informed.

The Bottom Line: Cautious Optimism

Looking ahead to November 2026, the mortgage rate picture is one of cautious optimism. I expect a slow and steady descent, with rates likely finding a home in the 5.9% to 6.2% range. This gradual easing should help the housing market continue to stabilize and become more accessible without causing any sudden shocks.

It's a balancing act, for sure. The economy needs to cooperate, inflation needs to stay in check, and the Federal Reserve will continue to play a key role. For anyone in the market for a home or looking to refinance, staying informed, being prepared, and acting strategically will be your best tools. The next 12 months offer a promising path towards more affordable borrowing, but it’s a journey that requires a watchful eye.

Today, November 15th, we're seeing a familiar trend – mortgage interest rates are taking small steps lower, offering a tiny bit of breathing room for prospective homeowners. According to Zillow, the average rate for a 30-year fixed mortgage has dipped to 6.07%, and the 15-year fixed rate is now at 5.54%. This is good news, even though the changes are modest. It's important to remember that these are national averages. Your specific rate will depend on many personal factors, like your credit score, down payment, and the lender you choose. But these national figures give us a solid benchmark to understand where things stand.

Today's Mortgage Rates November 15: Rates Drop Slightly, Forecasting Stability

What the Numbers Say: Today's Mortgage Rates at a Glance

Let's break down what the latest figures from Zillow are telling us for November 15th. It's helpful to see the different loan types laid out clearly.

Current Mortgage Rates (November 15, 2025)

You'll notice the 20-year fixed rate is also hovering just below 6%, which can be an attractive option for some looking for a middle ground between the shorter 15-year and the longer 30-year terms. For those who are active-duty military or veterans, the VA loan rates continue to be very competitive, sitting significantly lower than conventional loans. This is a fantastic benefit designed to help our heroes achieve homeownership.

Refinancing: Is Now a Good Time for You?

If you already own a home and are considering refinancing, the slightly lower rates today might also be worth exploring. Refinancing could help you lower your monthly payments, shorten your loan term, or tap into your home's equity. Here's what the refinance rates look like today, also according to Zillow:

Today's Mortgage Refinance Rates (November 15, 2025)

It's interesting to see that the refinance rates are slightly higher than the purchase rates. This is quite typical. Lenders often price refinance loans a little differently, and the market conditions for existing homeowners looking to change their mortgage can vary. When I consider refinancing for myself or advise others, I always look at the “break-even point” – how long it will take for the savings from the new rate to offset the closing costs of the refinance.

The Forces Behind Today's Mortgage Rates

So, what’s causing these rates to tick downwards, even if it’s just a little? It’s a complex interplay of economic factors that keep seasoned observers like myself glued to the news cycles. Understanding these drivers is key to forming your own educated opinion about future rate movements.

• Inflation and Economic Health: When inflation is high, it’s like a tax on the money lenders get back. To protect themselves, they tend to raise interest rates. However, recent whispers from the private sector suggest that the job market might be easing up a bit. Fewer people looking for jobs can sometimes signal that economic growth isn't overheating, which is generally good news for keeping inflation in check and potentially leading to lower borrowing costs.
• The Federal Reserve's Balancing Act: The Federal Reserve doesn't directly set mortgage rates. Think of them more like the conductor of an orchestra. Their decisions on the federal funds rate (the target rate banks charge each other for overnight loans) and how they manage their balance sheet (the assets they hold) have a huge ripple effect. The Fed did make some rate cuts earlier this year, which helped push mortgage rates down. But lately, their tone has become more cautious. They're hinting that future rate cuts might not be as frequent or as deep as some hoped, which can put a floor under or even nudge rates slightly higher.
• Treasury Yields: Mortgage rates often move hand-in-hand with the yields on 10-year Treasury notes. When investors feel uncertain about the economy, they often flock to the perceived safety of U.S. Treasury bonds. Increased demand for these bonds drives their prices up and their yields down, and this often translates into lower mortgage rates. It’s a direct link that many of us watch closely.
• Government Uncertainty (and Resolution): We recently saw periods of government shutdown that really muddled the economic data picture. When we don't have clear economic signals, it creates uncertainty in the markets. However, the reopening of government agencies is starting to clear the fog a bit, which can help stabilize things and reduce some of the rate volatility we might otherwise see.

Will Rates Keep Falling This Month? The Crystal Ball is Cloudy

This is the million-dollar question, right? As we look at the rest of November 2025, the forecasts are quite divided, which makes it an interesting time to make decisions.

• Mixed Signals: Some very smart people in the industry believe rates will largely stay put – what they call a “holding pattern.” They feel the market has already priced in much of the recent economic news. On the other hand, a good number are seeing the potential for rates to ease slightly further before the year is out.
• Fed Uncertainty Lingers: While the Fed has signaled a pause or slower pace for rate cuts, the timing and magnitude are still up in the air. Any hint of a potential December rate cut (or lack thereof) will strongly influence bond yields and, consequently, mortgage rates. It's not a sure bet that we'll see further reductions in the short term.
• The Big Picture for Year-End: Most experts I’ve seen are predicting that by the end of 2025, the average 30-year fixed mortgage rate will likely settle in the low to mid-6% range. This means significant, dramatic drops are probably not in the cards for the remainder of November. It suggests a period of relative stability, with minor fluctuations.

According to a survey I read by Bankrate, the experts themselves are split right down the middle – 50% think rates will go down, and 50% expect them to hold steady in mid-November. This division highlights the cautious optimism – or perhaps, cautious uncertainty – that defines the current market.

My Take: Patience and Preparedness

From my perspective, what we're seeing today is a market trying to find its footing. The slight dip in rates is a welcome sign, but it's not a signal for drastic action unless you were already on the verge of making a move. For anyone looking to buy, getting pre-approved remains crucial. It locks in a rate for a period, giving you certainty while you search for your perfect home. For those considering a refinance, I’d advise looking at your personal financial situation and doing the math. If the numbers work for your long-term goals, now could be a good time to explore options, even if the rates aren't historic lows.

The key takeaway for me is that while we're not seeing huge swings, the market is responsive to economic data and Fed policy. Staying informed and being ready to act when the time is right for you is the best strategy. Don't chase rates, but be prepared if they align with your financial goals.

It's an interesting time in the housing market! This week, mortgage rates have stayed pretty much the same, with the popular 30-year fixed-rate mortgage holding steady at 6.24%, according to Freddie Mac's latest survey. While rates might seem like they're on pause, what's really catching my eye is the uptick in people looking to buy homes.

This surge in purchase demand, even with rates not budging, tells us a lot about what's happening beneath the surface. We're not seeing a race to refinance like we have in the past, but a renewed focus on buying, which is a healthy sign for the overall real estate picture.

Mortgage Rates Remain Stable While Buyer Demand Increases

What the Numbers Tell Us: A Deeper Dive

Let's break down what these figures really mean for you, whether you're a potential homebuyer or just curious about the market.

Freddie Mac's Primary Mortgage Market Survey® as of November 13, 2025:

Notice how the 30-year rate is just slightly up from last week, barely making a ripple. The 15-year rate, on the other hand, has dipped a tiny bit.

The Mortgage Bankers Association (MBA) is also reporting strong activity. Their seasonally adjusted Purchase Index jumped 6% last week, the best pace since September. This is really encouraging, especially when you consider that mortgage rates actually ticked up slightly from their recent one-year lows.

Why the Rise in Purchase Demand?

Joel Kan, the MBA's vice president and deputy chief economist, hit the nail on the head. He points out that buyers are still actively looking, particularly in areas where:

• Housing inventory has improved: More homes on the market mean more choices and less intense competition.
• Sales price growth has slowed: This gives buyers a bit more breathing room and potentially stronger negotiating power.

This scenario is a double win. Buyers are finding more options, and the slower price growth means their purchasing power stretches further. It’s a sign that the market is becoming more balanced, moving away from that frantic seller's market we’ve seen.

The Refinance Picture: Cooling Down

While purchase activity is heating up, refinance applications are taking a step back. The MBA reported a 3% decrease in refinance activity from the week before. This is understandable. When rates aren't dropping dramatically, the urgency to refinance fades for many homeowners.

However, it's worth noting that refinance activity is still way up compared to a year ago. Last year, rates were a considerable 57 basis points higher (that's 0.57%). If you refinanced then, you've likely seen significant savings.

Refinance Share of Applications:

• Previous Week: 57.0%
• Current Week: 55.6%

This slight dip in the refinance share is typical when rates hover without a clear downward trend.

Savings Example: What a Difference a Rate Makes

Let's look at how even small changes in mortgage rates can impact your monthly payments and the total interest you pay over a loan's life. Imagine a borrower taking out a $300,000 loan.

Using the current 30-year fixed rate of 6.24%:

• Principal & Interest Payment: Approximately $1,848 per month.
• Total Interest Paid over 30 Years: Approximately $365,300.

Now, let's say rates were at the 52-week high of 7.04%:

• Principal & Interest Payment: Approximately $2,006 per month.
• Total Interest Paid over 30 Years: Approximately $421,800.

That's a difference of over $56,500 in interest paid over the life of the loan! Even a small increase to, say, 6.34% (as reported by MBA for conforming loan balances) on that same $300,000 loan would mean:

• Principal & Interest Payment: Approximately $1,864 per month.
• Total Interest Paid over 30 Years: Approximately $371,000.

This means an extra $5,700 in interest compared to the 6.24% rate. It clearly shows why even these “flat” rates are still significant for borrowers.

Breakdown of Mortgage Application Types

It's not just about the overall numbers; the mix of loan types offers further insight.

• Conventional Loans: Saw an increase in purchase applications.
• FHA and VA Loans: Also experienced an increase in purchase applications. This suggests that first-time homebuyers and those using government-backed programs are actively participating in the market. The FHA share of total applications has actually nudged up to 19.4%, indicating a growing interest here.
• Jumbo Loans: The MBA also reported a slight increase in the contract rate for jumbo loans, moving to 6.46%. While still higher, this segment also shows activity.

My Take: A Market Finding Its Footing

From where I stand, this week's mortgage rate report paints a picture of a market that's settling into a more stable rhythm. The 30-year fixed-rate mortgage holding at 6.24% provides a level of predictability that buyers crave. We're not seeing the wild swings that create uncertainty.

The fact that purchasing demand is up, despite rates not dropping, signals a few things:

1. Buyer Appetite is Strong: People are actively looking for homes and likely feel that current rates, while not historically low, are manageable within their budgets, especially with the cooling price growth.
2. Market Dynamics are Shifting: As inventory improves in some areas, buyers feel more empowered to make a move.
3. Focus on Homeownership: For many, the dream of homeownership remains a priority, and they are adjusting their financial plans to achieve it at current rates.

The slight increase in points for some loan types within the MBA survey is something to keep an eye on. Points are essentially fees paid to a lender to get a lower interest rate. An increase here can slightly raise the effective rate, making the loan a little more expensive upfront. However, the overall contract rates are still within a fairly narrow range.

For those eyeing the 15-year fixed mortgage at 5.49%, it remains a very attractive option for those who can afford the higher monthly payments, offering significant long-term savings.

Ultimately, this week's data is a breath of fresh air for the housing market. It shows resilience and a growing confidence among potential homebuyers, even as rates remain broadly flat. It suggests that the market is moving past just chasing the lowest possible rate and is entering a phase where buyers are making more deliberate, informed decisions.

As of November 14, 2025, today's mortgage rates are holding remarkably steady, lingering close to the lowest points we've seen so far this year. This stability is welcome news for many hoping to buy a home or refinance an existing mortgage, even if it doesn't signal a dramatic drop.

Today's Mortgage Rates November 14: 30-Year FRM Drops to 6.10%, Close to Lowest Point

According to the latest data from Freddie Mac, the national average for a 30-year fixed mortgage has nudged up just two basis points to 6.24%, which is still a significant improvement, coming in more than half a percentage point lower than this time last year. For those eyeing shorter loans, the 15-year fixed rate saw a slight dip of one basis point to 5.49%, putting it a solid 49 basis points below its 2024 mark.

From my perspective, seeing these rates hover in the low 6% range is a sign of a market trying to find its footing. After the rollercoaster ride of the past few years, this kind of predictability, while not thrilling, is what many buyers and homeowners need to make informed decisions. It suggests that the forces influencing mortgage rates are in a more balanced state, a welcome change from the rapid shifts we've experienced.

What the Numbers Are Saying Today

To get a clearer picture of where things stand right now, I've pulled together the most recent figures from Zillow. These national averages give us a solid benchmark, but remember that your individual rate can vary based on your credit score, down payment, and other factors.

Here’s a look at the current national average mortgage rates:

As you can see, the 30-year fixed rate is just slightly below the Freddie Mac figure, sitting at 6.10%. The 15-year fixed is also a bit lower at 5.60%. It’s interesting to note the slight difference between the 20-year fixed and the 30-year fixed rate, with the 20-year being just a hair lower at 6.08%. This can sometimes happen as lenders price different loan terms.

Refinancing: Still a Mixed Bag

For folks looking to refinance their current mortgage, the picture is a bit more nuanced. Many homeowners who stood to benefit significantly from refinancing have already locked in lower rates during previous periods.

Here are the current national average refinance rates, again from Zillow:

Notice that the average refinance rates are generally a touch higher than the rates for purchasing a new home. For example, the 30-year fixed refinance rate is at 6.25%, which is higher than the 6.10% purchase rate. This difference is often due to how lenders structure refinance loans and the associated fees. While these rates are still much better than year-ago levels, they might not be compelling enough for many to make the move, especially if they already have a very low rate locked in from a few years ago. Refinance applications did see a small dip last week, which supports this observation.

Why Are Rates Not Dropping More? Affordability and Market Influences

It's easy to look at these rates and wish they were even lower, especially after the historically low rates we saw during the pandemic. But it's crucial to remember that those sub-3% rates were an anomaly, and it's highly unlikely we'll see them again anytime soon.

The main challenge right now isn't just mortgage rates; it's also home prices. Even with rates in the low 6% range, the combination can still make homeownership a stretch for many. This persistent affordability concern is a major factor keeping the market from heating up too quickly.

However, even small movements in rates can make a difference. Last week, we saw a notable increase in mortgage applications to buy a home, up by nearly 6%. This clearly indicates that when rates hover near the year's lows, buyers start to get more active. It’s a powerful reminder of how sensitive the housing market is to interest rate fluctuations.

What's Next? Fed Watch and Policy Ideas

The economic picture continues to be influenced by the Federal Reserve's monetary policy. After making rate cuts in September and October, speculation is mounting about what will happen at their December meeting. While the Fed doesn't directly set mortgage rates, their decisions on the federal funds rate ripple through the economy and influence things like the 10-year Treasury yield, which is a key benchmark for mortgage rates.

Currently, Wall Street traders are less confident about another rate cut happening in December. This uncertainty can contribute to the stability we're seeing in mortgage rates.

On the policy front, there's been discussion about proposals like the Trump administration considering 50-year mortgages to tackle housing affordability. While this idea aims to reduce monthly payments by extending the loan term, it also means paying more interest over time. Experts like Logan Mohtashami suggest that such a long-term mortgage might not fundamentally alter the market and that current rates in the low 6% range are more critical for market stability. I personally believe that while innovative solutions are worth exploring, focusing on sustainable home prices and accessible rates is paramount. Stretching payments over 50 years carries its own set of risks and could lead to homeowners being underwater on their mortgages for longer periods.

Looking Ahead: Forecasts for 2025 and Beyond

So, what do the experts predict for the rest of 2025 and into 2026? Forecasts from major housing organizations like Fannie Mae and the Mortgage Bankers Association generally agree that we'll likely see rates stay above 6% through the end of this year and well into next year.

Fannie Mae offers a slightly more optimistic outlook, suggesting that rates could potentially dip below 6% by the end of 2026. This indicates a gradual return to more balanced conditions rather than a sharp decline. Personally, I see this as a realistic expectation. The era of ultra-low rates is behind us, but the market is adapting to a new normal where rates are higher but more stable, allowing for more predictable planning for buyers and sellers.

In summary, today, November 14, 2025, offers a stable albeit slightly higher mortgage rate environment compared to the very recent past, holding near 2025 lows. While affordability remains a concern, the current rates are a catalyst for buyer activity and a point of consideration for homeowners contemplating refinancing.

If you’ve been watching the housing market nervously, feeling like rates were constantly climbing, I have some genuinely good news that cuts through that anxiety. The definitive statement is clear: Yes, the entry point for buying a home is significantly better now than it was 12 months ago because the 30-year fixed mortgage rate drops by 54 basis points year over year.

This decrease, reported by Freddie Mac, may sound like small technical jargon, but trust me, it translates directly into hundreds of dollars in your pocket every month and tens of thousands of dollars saved over the life of your loan. This relief is what the U.S. housing market needed, and judging by the recent spike in buyer interest, many of you are already catching on.

When rates start moving down, even slightly, it injects confidence back into buyers who have been sitting on the sidelines, waiting for a better deal. From my viewpoint working in financial markets, a half-a-percent drop over a year is a strong indicator that the most volatile period of rate hikes has passed.

30-Year Mortgage Rate Drops by 54 Basis Points Since Last Year

The Big Picture: What 54 Basis Points Really Means

When we throw around terms like “basis points,” it’s easy for listeners to tune out. So let me simplify: One basis point is simply one one-hundredth of a percent (0.01%). Therefore, a drop of 54 basis points (-0.54%) means that the average 30-year fixed rate has decreased by over half a percent compared to the same time last year.

This data, which comes directly from the dependable Primary Mortgage Market Survey® released by Freddie Mac, shows a significant improvement in affordability.

Think back to last year. If you were house hunting, you were likely dealing with rates that peaked much higher. While the current 30-year fixed rate stands at 6.24% (as of November 13, 2025), a year prior, it was 54 basis points higher—meaning it was hovering close to 6.78%.

This shift, while seemingly small percentage-wise, changes the entire equation for a potential homeowner.

Crunching the Numbers: Real Savings for Homeowners

As an expert who studies these trends daily, the most exciting part of this data is illustrating the concrete savings. This is where the 54 basis point drop moves from a statistic into real-world peace of mind.

Let's assume a common loan scenario today: You are financing $400,000 for your new home.

I always tell my clients: that $134 per month is substantial. That’s a car payment, groceries, or college savings. And the nearly $50,000 reduction in lifetime interest? That is life-changing wealth retained by the homeowner, not the bank.

This example clearly shows the power of waiting for rates to retreat from their recent highs.

Why Now? Understanding the Rate Stability

While the year-over-year news is fantastic, it’s important to look at the short-term picture. The Freddie Mac survey shows that rates for the 30-year and the 15-year fixed-rate mortgage primarily remained flat this particular week (November 13, 2025). The 30-year rate moved up only 0.02 percentage points, landing at 6.24%.

This flatness suggests stability, which is often just as good as a dramatic drop for the economy. When rates stop wildly fluctuating, both buyers and lenders can plan better.

It’s worth noting the 15-year fixed-rate mortgage saw a similar drop: 50 basis points year over year, landing at an attractive 5.49%. For those who can afford a higher monthly payment and want to own their home free and clear much faster, the 15-year option has also become notably more appealing.

The Market Speaks: Why Buyers Are Stepping Up

What I find truly insightful is how consumers reacted to these relatively stable, lower year-over-year rates. Data from the Mortgage Bankers Association (MBA) confirmed a big shift in buyer behavior during the week ending November 7: Purchase applications increased 6%.

What does this tell us? People are tired of waiting.

Even though rates ticked up just slightly that week (to 6.34% for conforming loans, according to MBA data), buyers interpreted the overall stability and the lower annual trends (that massive 54 basis point drop) as their cue to jump back into the market.

Joel Kan, MBA’s Vice President, highlighted encouraging factors:

• This was the strongest pace for purchase applications since September.
• It marked the strongest start to November since 2022.
• Activity increased across conventional, FHA, and VA loans—a sign of broad market confidence.

From my personal expertise, this spike in purchase activity signals a critical psychological shift. When buyers see rates consistently hold below the 7% or 8% high points we experienced previously, they reset their expectations. The current rate—even if it bumps up or down by 0.05% week-to-week—is viewed as a better deal than anything they saw 12 months ago.

Refinance Reality Check

While purchase activity soared, refinance activity saw a slight 3% decrease week-over-week. This makes sense; if rates are essentially flat or rising slightly this week, there’s no immediate urgency to refinance.

However, the year-over-year comparison on refinancing is absolutely astounding, reflecting the relief of the 54 basis point drop. Refinance applications were 147% higher than the same week last year!

This massive year-over-year spike demonstrates that many existing homeowners who bought at peak rates are rapidly seizing the opportunity to lower their monthly payments now that rates are in the low-to-mid 6% range.

Key Refinance Data Points:

• The refinance share of mortgage activity settled at 55.6% of total applications.
• The average loan size for refinances dropped slightly, suggesting lower-balance borrowers are finally able to take advantage of the better rates.

My Takeaway: Don't Wait for the Bottom

One of the biggest mistakes I see prospective buyers make is waiting for the mythical “bottom” of the rate cycle. They want rates to hit 3% or 4%, but current economic reality suggests that those ultra-low rates are likely behind us for now.

The 30-Year Fixed Mortgage Rate Drops by 54 Basis Points Year Over Year has given you an excellent entry point that saves you nearly $50,000 in interest over three decades compared to buying a year ago.

The fact that purchase applications are now increasing tells me that the smart money—the savvy buyers—are recognizing this window of opportunity. Inventory is starting to stabilize in some markets, and you are better positioned today with a 6.24% rate than you were chasing desperate bids with a 6.78% rate last year.

My advice remains consistent: If you find a house you love and the payments work today, lock in the rate. The annual drop is your market signal; don't wait for the next slight dip, especially since purchase competition is already heating up.

For Today’s Mortgage Rates, November 13, the answer is pretty straightforward: No—we’re sitting still. According to data compiled by Zillow, the overall market is in a holding pattern. The average 30-year fixed mortgage rate is pegged at 6.13%, sticking tightly to the spot it has occupied for the past week. We are seeing stability, though perhaps stability at a higher price than most buyers would like.

I’ve been watching these numbers for a long time, and what I see right now is a market desperately waiting for a clear sign, a definite signal from the economy that isn’t coming yet. Rates are steady because the forces pulling them up and pushing them down are perfectly balanced—a tough place to be if you’re trying to make a big financial decision.

Today's Mortgage Rates November 13: 30-Year FRM Holds at 6.13%, 15-Year FRM Drops to 5.59%

What’s Happening Today?

When we look beneath the headline number, we see minor movements, but nothing that signals a major shift. The core reason for this recent stagnation is that the 10-year Treasury yield, which is the actual boss of mortgage pricing, has been drifting sideways.

If the 10-year Treasury yield doesn't move, neither do mortgage rates. It’s that simple. There hasn't been a big economic report lately, no major change in inflation expectations, and no surprise moves from global markets. When the economy hits the pause button, mortgage markets usually follow suit.

The slightly good news is seen in the shorter terms. The 15-year fixed rate has dropped just a bit to 5.59%. While this is a subtle edge, for anyone who can swing the higher monthly payment of a 15-year loan, this rate offers a meaningful discount compared to the 30-year option.

Let's break down where the rates are sitting right now, based on the latest data from Zillow. Remember, these are national averages. When you talk to a lender, your rate will likely be different depending on your credit score, location, and down payment.

Breaking Down the Numbers: Today's Mortgage Rates

Refinancing Reality Check

For current homeowners, the thought of refinancing remains tempting, but frankly, the numbers are still discouraging for most people. If you locked in a rate any time before 2022, chances are your current rate is better than what the market offers today.

Refinance rates are typically a little higher than purchase rates because lenders account for the risk and effort involved in structuring a new loan for an existing debt.

Here's the outlook on refinance rates today, also sourced from Zillow:

I find the 7/1 ARM Refi rate particularly interesting—it’s jumped all the way up to ***7.01%***. This high rate shows that lenders are either nervous about locking in rates for seven years without adjusting, or they simply aren’t interested in taking on a lot of new ARM refinancing business right now. If rates are already stable, why risk an ARM that starts this high? It’s a good example of the caution in the current lending environment.

Diving Deeper: Why Are Rates Stuck Here?

We have to face a harsh truth: The days of 3% or 4% mortgages are likely gone forever, or at least for a very long time.

My personal expertise tells me that borrowers need to stop comparing today's rates to the unique, pandemic-era low points. Those low rates required unprecedented central bank intervention and zero inflation—conditions we will not see again soon.

Even though the Federal Reserve has already executed some rate cuts earlier in 2025, those cuts affect short-term bank borrowing—not long-term mortgages. Mortgage rates are firmly tied to the 10-year Treasury yield, and that bond yield is terrified of one thing: Inflation.

When investors look at the economy and think inflation might rear its head, they demand a higher rate of return to compensate for the risk that their money won't buy as much in ten years. This demand drives the Treasury yield up, which drags the mortgage rate up with it.

Right now, the consensus is that inflation is calming down, but it’s still persistent. It’s sticky. Until we see solid, monthly evidence that inflation is truly tamed and locked down, the 10-year Treasury will likely sit where it is, keeping Today’s Mortgage Rates November 13 in this mid-6% territory.

My Take: What This Means for Buyers

If you are waiting for rates to drop below 5% before you buy, you might be waiting for two or three more years, or perhaps longer. My advice is often the same: focus on affordability and re-evaluation.

1. Marry the House, Date the Rate: If you find the right house, don't let a quarter-point scare you off. You plan to live in the house for ten years, but you might only keep this particular mortgage rate for two or three years. With rates stable in the 6% range, the time to buy might be now, with the plan to refinance if rates dip significantly in 2027 or 2028.
2. Focus on the Payment, Not Just the Rate: At 6.13%, you should be absolutely crunching the budget. Can you comfortably afford this monthly payment? If the answer is yes, then worrying about where rates might go next month is just unnecessary stress.

Decoding the Forecasts: What 2026 Looks Like

Based on the overall stability we are seeing right now, most housing economists are in strong agreement: the mid-to-low 6% range is the new normal for the time being. No major authority predicts a return to the pandemic lows.

The question now is how far those predictions diverge as we look ahead to 2026. The key discrepancy revolves around how quickly various experts think inflation will subside entirely.

Here is a look at what major housing organizations project for the 30-year fixed mortgage rate average by the end of 2026:

It is clear from this table that the most aggressive downside prediction is only 5.9%. To me, this confirms that anything below 6% will be seen as a victory for borrowers in the near future. The market has priced in the current risk, and it’s very reluctant to lower that price tag.

Key Factors Holding Rates Steady

If we’re going to understand why the forecasts look this way, we have to grasp the three main levers that are preventing a rate drop:

1. Federal Reserve Actions (Indirect Impact): Yes, the Fed has cut short-term rates in 2025 (in a move to stimulate the economy), but this doesn't directly shift mortgage rates. Mortgage rates are driven by the long-term bond market, which is focused on future inflation, not immediate short-term bank policy.
2. Inflation Concerns (The Big Worry): This is the root problem. Despite some cooling, if service costs, labor costs, or energy prices spike unexpectedly, those long-term bond investors will get nervous instantly, driving the 10-year Treasury—and thus your mortgage rate—back toward the 7% mark.
3. Housing Supply and Demand (The Buyer Problem): The moment rates tick down toward 5.8%, what do you think happens? Every buyer who has been sitting on the sidelines jumps back into the market. This surge in demand creates competition, drives up home prices, and basically negates the benefit of the slightly lower rate. This cycle creates a soft ceiling for rate decreases.

Final Thoughts on Moving Forward

As we close out 2025, the stability in rates should be viewed as a sign of maturity in the market, not a sign of failure. The volatility of the past years seems to have subsided, and we are now working with a steady target.

If you are planning to purchase a home or refinance a debt, use the current stability to secure a strong rate lock—a process where the lender promises you the current rate for a specific period of time. Shop around, be prepared, and secure the best rate you can within this predictable mid-6% range. The worst thing you can do now is wait for a miracle that isn't coming.