As of Tuesday, November 11, 2025, the average national rate for a 30-year fixed refinance has nudged up to 6.93%, marking a 12 basis point increase from the previous 6.81%. As reported by Zillow, this means that securing a refinance at a lower rate just became a little more challenging for homeowners looking to adjust their mortgage terms. It’s a dynamic market, and even small shifts can have a significant impact on your monthly budget.

Mortgage Refinance Rates Today, Nov 11: 30-Year Fixed Rate Jumps to 6.93%

What Does This 12 Basis Point Rise Really Mean?

Let’s break down what this increase signifies in practical terms. A basis point is simply 1/100th of a percent. So, a 12 basis point increase means the rate went up by 0.12%. While this might sound small, when you're talking about mortgages, which are typically large sums of money spread over many years, it adds up.

For instance, if you were looking to refinance a $300,000 loan, a jump from 6.81% to 6.93% could translate to an extra tens of dollars each month for the life of the loan. Over 30 years, this difference can be quite substantial, potentially amounting to thousands of dollars more paid in interest. My personal experience as someone who has navigated refinancing multiple times tells me that even minor rate increases emphasize the importance of timing and understanding the true cost of borrowing.

Refinance Timing: Should You Lock In Rates Now?

The question on everyone's mind when rates start ticking up is: should I refinance now, before they climb even higher? This is a classic dilemma in the mortgage world. Zillow’s data shows that the 30-year fixed refinance rate has also risen 5 basis points from the previous week's average of 6.88%. This suggests a trend of increasing rates, not just a one-day blip.

From my perspective, if you've been contemplating a refinance, especially if your current rate is significantly higher than today's offerings, this upward trend is a strong signal to act sooner rather than later. However, it’s crucial to weigh this urgency against your personal financial situation and long-term goals. Are you planning to move in a few years? If so, the long-term savings might not be as impactful. If you plan to stay in your home for the foreseeable future, locking in a lower rate while it's still relatively accessible could be a smart move.

Exploring Your Refinance Options on November 11th

While the 30-year fixed refinance rate is grabbing headlines, don't forget to look at other options available. The market today, November 11, 2025, shows some interesting movements:

• 15-Year Fixed Refinance Rate: This popular option has seen a significant increase, climbing 25 basis points from 5.73% to 5.98%. This means that while it's still generally lower than the 30-year rate, the gap has narrowed, and the cost of refinancing for a shorter term has gone up more sharply.
• 5-Year Adjustable-Rate Mortgage (ARM) Refinance Rate: In a surprising move, the 5-year ARM refinance rate has actually decreased by 27 basis points, falling from 7.25% to 6.98%. This is a notable shift and might present an attractive option for those who are comfortable with the idea of potentially fluctuating payments down the line, or who plan to sell or refinance again before the fixed period ends.

Comparing 30-Year Fixed vs. 15-Year Refinance Options

When I'm evaluating refinance scenarios for myself or clients, I always compare the 30-year and 15-year fixed options. Here’s a quick rundown of what today’s rates suggest:

Loan Term	Current Rate (Nov 11)	Previous Rate (Approx.)	Change	Monthly Payment Impact (Example: $300k loan)
30-Year Fixed	6.93%	6.81%	+12 bps	Increased
15-Year Fixed	5.98%	5.73%	+25 bps	Increased significantly
5-Year ARM	6.98%	7.25%	-27 bps	Decreased

As you can see, the 15-year fixed rate, while still lower than the 30-year, has become more expensive relative to where it was. The 30-year fixed rate is now very close to the 5-year ARM rate. This might make you think twice about stretching out your payments unless there's a compelling reason.

Factors Influencing Your Refinance Rate Today

It's important to remember that the rates reported by Zillow are national averages. Your personal refinance rate will depend on several key factors:

How Your Credit Score Impacts Your Refinance Rate Today

Your credit score is arguably one of the most critical components lenders consider. A higher credit score (generally 740 and above) signals to lenders that you are a lower risk, and they are more likely to offer you the best available rates. Even a small improvement in your score can result in a lower interest rate. Conversely, a lower score can mean higher rates or even difficulty qualifying for a refinance at all. I’ve seen firsthand how diligently working on improving credit can shave tenths of a percent off a rate, saving thousands over time.

The Role of Debt-to-Income Ratio in Refinancing

Your debt-to-income ratio (DTI) compares your monthly debt payments to your gross monthly income. Lenders use DTI to assess your ability to manage monthly mortgage payments. A lower DTI generally makes you a more attractive borrower. Most lenders prefer a DTI of 43% or lower, but some may have stricter requirements, especially in a rising rate environment. If your income has increased or your debt has decreased since your last mortgage, your eligibility for a better refinance rate might improve.

The Effect of Loan-to-Value Ratio on Refinancing

The loan-to-value ratio (LTV) compares the amount you owe on your mortgage to the current market value of your home. A lower LTV (meaning you owe less relative to the home's value) indicates less risk for the lender. If your home's value has appreciated significantly, or if you've paid down a substantial portion of your mortgage, your LTV will be lower, potentially leading to better refinance rates. Many lenders require an LTV of 80% or less for a refinance, or that you have at least 20% equity in your home.

Broader Economic Influences: The Impact of Inflation

When we discuss mortgage rates, especially on a day like November 11, 2025, it’s impossible to ignore the broader economic forces at play, particularly inflation. Central banks, like the Federal Reserve, often raise interest rates to combat inflation. When inflation is high, the cost of borrowing generally increases across the board. Lenders need to ensure their returns keep pace with inflation, so mortgage rates tend to rise as well. The fact that the 30-year fixed rate is nudging towards 7% suggests that inflationary pressures are still a significant concern in the market.

Considering Your Refinance Goals: Pros and Cons

The decision to refinance isn’t always about chasing the lowest rate. Your personal goals should guide your decision.

Pros and Cons of Cash-Out Refinancing

A cash-out refinance allows you to tap into your home's equity by borrowing more than you owe and taking the difference in cash.

• Pros: Provides a lump sum of cash for various needs like home improvements, debt consolidation, or major purchases. It can be a convenient way to access funds.
• Cons: You'll be increasing your mortgage balance and monthly payments. The interest rate on the entire loan (including the original balance) might be higher than other loan types, and you're essentially using your home as collateral for consumer spending or investments.

Understanding Adjustable-Rate Mortgage Refinances (ARMs)

As we saw today with the 5-year ARM, these can be attractive when their initial rates are lower than fixed rates.

• Pros: Lower initial interest rate and monthly payments during the fixed period. This can be beneficial if you plan to move or refinance again within a few years, or if you expect interest rates to fall in the future.
• Cons: After the initial fixed period, your interest rate and monthly payments will adjust based on market conditions, which could lead to significantly higher costs if rates rise. It carries more risk than a fixed-rate mortgage.

Don't Forget the Costs: Refinancing Costs and Fees to Consider

Refinancing isn't free. Be sure to factor in the costs, which can include:

• Appraisal Fees: To determine your home's current market value.
• Origination Fees: Charged by the lender for processing the loan.
• Title Insurance: Protects the lender (and often you) against future claims on your property's title.
• Recording Fees: Paid to local government to record the new mortgage.
• Attorney Fees: In some states, an attorney is required to handle the closing.

It’s crucial to compare the loan estimate you receive from lenders, which will detail all these fees. My rule of thumb is to ensure that the savings from refinancing will recoup these costs within a reasonable timeframe, typically 1-4 years.

Making the Right Choice Today

The mortgage market is always in motion, as evidenced by today's activity on November 11th. While the rise in the 30-year fixed refinance rate to 6.93% might seem unsettling, understanding all your options – including the more significant jump in the 15-year rate and the dip in the 5-year ARM – is key. Consider your credit score, DTI, LTV, and your personal financial goals. Don't rush into anything without carefully evaluating the numbers and the associated costs.

It's a relief for many homeowners to see that mortgage rates are on the move, and for those considering refinancing, the 30-year refinance rate drops by 36 basis points today, landing at a more accessible 6.56%. This is a welcome change from last week’s average of 6.88%, and it means that if you're looking to adjust your current mortgage, now might be a great time to explore your options.

These kinds of drops are definitely worth paying attention to. This recent drop, as reported by Zillow, signals that lenders are adjusting their offerings, and for borrowers, it translates into potential savings on your monthly payments and over the life of your loan.

Mortgage Rates Today, Nov 10: 30-Year Refinance Rate Drops by 36 Basis Points

What This Drop Really Means for Your Wallet

So, what exactly does a 36 basis point (or 0.36%) drop in interest rate mean for you? Let's break it down. Imagine you're looking to refinance a $300,000 loan.

• Before the drop: At an average rate of 6.92% (the rate before this recent decrease), your monthly principal and interest payment would be approximately $1,983.
• After the drop: At the new average rate of 6.56%, that same payment drops to about $1,898.

That’s a difference of $85 per month! Over a year, that's $1,020 in savings. And over the typical 30-year term of a mortgage, those savings can really add up, potentially saving you tens of thousands of dollars. It's not just about the monthly cash flow; it's about the long-term financial impact.

Mortgage Rates Today: 30-Year Refinance Rate Falls by 11 Basis Points

While Zillow reported a larger 36 basis point drop to 6.56% for the 30-year fixed refinance rate on Monday, it's also worth noting that on a slightly different timeframe, it was down 11 basis points on another day, reaching 6.56% as well. This might seem like a minor detail, but it highlights the dynamic nature of mortgage rates. They can move daily, even hourly, influenced by a complex interplay of economic factors.

This indicates that the market is actively adjusting. What's crucial here is that the overall trend is downwards for refinance rates, which is the good news.

Other Rates See Significant Declines Too

It’s not just the widely popular 30-year fixed refinance rate that’s getting a boost. Zillow’s data shows other beneficial shifts:

• The 15-year fixed refinance rate also saw a significant decrease, falling 40 basis points from 5.84% to 5.44%. This is fantastic news for those looking for shorter loan terms and even bigger savings over time.
• Even the 5-year Adjustable-Rate Mortgage (ARM) refinance rate experienced a notable drop of 45 basis points, moving from 7.35% down to 6.90%. While ARMs can be riskier due to potential future rate increases, a lower starting rate can be attractive for some borrowers, especially if they plan to move or refinance again before the rate adjusts.

Why Are Rates Moving Down Now?

This recent downward trend in mortgage rates isn’t happening in a vacuum. Several big economic forces are at play, as I’ve observed in my years covering this space:

• Federal Reserve Actions: The Federal Reserve has been busy cutting its benchmark federal funds rate throughout 2025. This is a move designed to stimulate the economy. While mortgage rates aren't directly tied to this rate, it does influence the overall cost of borrowing. Even though mortgage rates haven't always perfectly mirrored the Fed's moves – sometimes ticking up slightly after announcements – the general direction of lower Fed rates tends to push mortgage rates down eventually.
• Treasury Yields: Mortgage rates tend to follow the 10-year Treasury yield more closely. When there's economic uncertainty, like during the government shutdown in late September, investors often flock to safer assets like Treasury bonds. This increased demand can push yields down initially. However, as the market digests information and investor sentiment shifts, these yields can rise again, which we’ve seen happen in early November 2025, with the 10-year Treasury yield showing an upward trend and, consequently, mortgage rates following suit.
• Government Shutdown Uncertainty: The recent government shutdown, while not directly causing mortgage rate drops in all instances, creates a ripple effect. It impacts the release of crucial economic data that the Fed and investors use to gauge the economy's health. This lack of clear data can add volatility to the market. On top of that, government-backed loans (like FHA and VA mortgages) faced processing delays, which can inconvenience borrowers. Historically, shutdowns can sometimes lead to lower rates due to a “flight to safety” by investors, but the current environment is complex.
• Broader Economic Trends: Inflation and the overall robustness of the economy are always major players. If inflation seems to be under control and the economy is showing signs of slowing, lenders might offer lower rates to encourage borrowing and spending. Conversely, if inflation remains stubbornly high, rates might stay elevated.

Refinance Timing: Locking in Before Potential Hikes

This is where personal expertise comes in. While the current trend is downward, the market is unpredictable. Experts are divided on what will happen next. Some see stability, while others anticipate further small movements – up or down.

My take? If you've been thinking about refinancing and these current rates work for your financial goals, now is the time to explore locking in that rate. Waiting for potentially even lower rates is a gamble. If rates do start to climb again, you could miss out on significant savings opportunity. It’s always a good idea to get personalized quotes to see where you stand.

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

With these rate drops, it’s a great opportunity to re-evaluate your refinance choices:

• 30-Year Fixed: This remains the most popular choice for a reason. It offers predictable monthly payments for the long haul and a lower monthly payment compared to a 15-year loan. It's excellent for managing cash flow and affordability. The recent drop makes it even more attractive.
• 15-Year Fixed: If you can comfortably afford the higher monthly payments, a 15-year fixed refinance offers substantial savings. You'll pay off your mortgage twice as fast and save a significant amount in interest over the life of the loan. For instance, with the 15-year rate falling to 5.44%, this option becomes even more compelling if your budget allows.

It’s not a one-size-fits-all decision. I always advise clients to consider their financial stability, future income expectations, and how long they plan to stay in their home when choosing between these two.

The Bottom Line

Seeing a 30-year refinance rate drop by 36 basis points to 6.56% is excellent news for homeowners. Coupled with decreases in 15-year and ARM rates, it presents a prime opportunity to potentially lower your monthly payments and save on interest.

While market conditions can change quickly, these current rates are significantly better than what we saw at the start of 2025. My advice? Don't just read about it – take action. Get pre-approved, compare offers from different lenders, and decide what's best for your financial future. The savings can be very real.

The Mortgage Rates Today, specifically the national average for a 30-year fixed refinance rate, has seen a welcome dip, falling by 11 basis points to 6.82% as of Sunday, according to a recent announcement by Zillow. This decrease, from last week's average of 6.93%, could be the nudge many homeowners need to explore their refinancing options. It’s not a massive drop, but in the world of mortgages, even small shifts can have a significant impact on your wallet.

Mortgage Rates Today: 30-Year Refinance Rate Falls by 11 Basis Points

What a 11 Basis Point Fall Actually Means for Your Monthly Payments

Let's break down what that 11 basis point, or 0.11%, drop really means for you. While it might sound like a tiny number, on a substantial mortgage, it can add up. Imagine you owe $300,000 on your mortgage. Refinancing at 6.93% would mean a principal and interest payment of roughly $1,970 per month. If you were to refinance at the new rate of 6.82%, that payment would drop to about $1,945. That's a saving of about $25 each month, or $300 per year.

Now, $25 might not seem like a game-changer, but consider this: this is based on a single loan amount. For larger mortgages, the savings could be even more pronounced. Moreover, this is just the interest component. Refinancing can also allow you to adjust your loan term, which could offer even greater savings. It's also important to remember that this is the average rate. Your own rate could be higher or lower depending on your creditworthiness and other factors.

Refinance Timing: Locking in Rates Before Potential Further Hikes

This dip in mortgage rates is particularly noteworthy because it comes at a time when there's ongoing discussion about potential future rate increases. While the market has moved in a favorable direction for borrowers this past Sunday, it's wise to be aware of the broader economic forces at play. Inflation, central bank policy, and global economic stability all contribute to the ebb and flow of mortgage rates.

My personal take on this is that any time rates move downwards, it’s a good signal to at least explore your options. We've seen periods where rates were steadily climbing, and homeowners were hesitant to refinance. Then, a sudden drop like this can create a sense of urgency. It’s not about timing the market perfectly, which is nearly impossible, but about seizing opportune moments. If you’ve been on the fence, this could be the encouragement you need to at least get pre-approved and see what kind of rate you can secure.

Comparing 30-Year Fixed vs. 15-Year Refinance Options

The Zillow report also highlighted changes in other refinance rates. The 15-year fixed refinance rate saw a more significant drop, decreasing by 13 basis points to 5.80%. This is fantastic news for those who can afford the higher monthly payments associated with a shorter loan term.

Here’s a quick comparison to illustrate the difference:

Loan Term	Current Rate (Sunday)	Previous Rate (Last Week)	Monthly Payment on $300,000	Total Interest Paid (Approx. 30 Yrs)
30-Year Fixed	6.82%	6.93%	$1,945	$399,200
15-Year Fixed	5.80%	5.93%	$2,322	$117,960

Note: Calculations are for principal and interest only and do not include taxes, insurance, or fees.

As you can see, the 15-year option offers significantly lower interest payments over the life of the loan. However, the monthly payment is considerably higher. The choice between a 30-year and a 15-year refinance often comes down to your current financial situation and long-term goals. If your priority is the lowest possible monthly payment, the 30-year might be better. If you want to pay off your home faster and save a substantial amount on interest and have the cash flow, then the 15-year is a strong contender.

We also saw a slight decrease in the 5-year Adjustable-Rate Mortgage (ARM) refinance rate, down by 2 basis points to 7.54%. ARMs can be attractive initially due to lower interest rates, but they come with the risk of your rate increasing after the initial fixed period.

How Your Credit Score Impacts Your Refinance Rate Today

It’s absolutely crucial to remember that these are average rates. The actual interest rate you’re offered will depend heavily on your personal financial profile, with your credit score being one of the most significant factors. Generally, the higher your credit score, the lower the interest rate you'll qualify for.

• Excellent Credit (740+): You're likely to get rates at or even below the national average.
• Good Credit (670-739): You'll probably qualify for competitive rates, though they might be slightly higher than the average.
• Fair Credit (580-669): Expect higher rates, and you might need to improve your score before refinancing.
• Poor Credit (Below 580): Refinancing might be very challenging, and lenders may require significant improvement.

If your credit score isn't where you'd like it to be, this might be a good time to focus on improving it before you formally apply for a refinance. Small improvements can lead to substantial savings over time.

The Role of Debt-to-Income Ratio in Refinancing

Another critical metric lenders evaluate is your debt-to-income ratio (DTI). This compares your total monthly debt payments (including your potential new mortgage payment) to your gross monthly income. Lenders generally prefer a DTI of 43% or lower, though some may go up to 50% depending on other factors.

A lower DTI indicates you have more disposable income and are less likely to struggle with payments, making you a lower risk for lenders. If your DTI is high, you might be able to improve it by paying down existing debts before refinancing.

Impact of Inflation on Mortgage Rates

It’s impossible to talk about mortgage rates without mentioning inflation. When inflation is high, the Federal Reserve often raises interest rates to cool down the economy. This, in turn, tends to push mortgage rates higher as lenders price in the increased cost of borrowing and the expectation of future inflation. Conversely, when inflation shows signs of cooling, the Fed might pause rate hikes or even consider cuts, which can lead to lower mortgage rates. The recent fall in rates, despite ongoing economic complexities, suggests that perhaps the market is anticipating a moderation in inflation or a shift in monetary policy.

Pros and Cons of Cash-Out Refinancing

A cash-out refinance isn't just about lowering your interest rate; it's also about accessing the equity you've built up in your home. You can use this cash for a variety of purposes, such as home renovations, debt consolidation, or even investments.

Pros:

• Access to a significant amount of cash.
• Potentially lower interest rate than other forms of borrowing (like personal loans or credit cards).
• Interest paid on the mortgage is often tax-deductible (consult a tax advisor).

Cons:

• Increases your total mortgage balance and potentially your monthly payments if not managed carefully.
• May mean paying a slightly higher interest rate on the entire loan amount compared to a rate-and-term refinance.
• Requires a higher Loan-to-Value (LTV) ratio, which can mean a higher interest rate and Private Mortgage Insurance (PMI) if your LTV is too high.

Understanding Adjustable-Rate Mortgage (ARM) Refinances

As mentioned, the 5-year ARM refinance rate saw a very slight dip. ARMs are structured with an initial period of a fixed interest rate, followed by periods where the rate adjusts based on market conditions.

• Initial Fixed Period: Typically 3, 5, 7, or 10 years. During this time, your payment remains stable.
• Adjustment Period: After the fixed period, the rate can go up or down, usually annually.

ARMs can be a good option if you plan to sell your home or refinance again before the fixed period ends, or if you anticipate interest rates falling in the future. However, if you plan to stay in your home long-term and rates rise, your payments could increase substantially.

The Effect of Loan-to-Value Ratio on Refinancing

Your Loan-to-Value ratio (LTV) is the amount of your mortgage compared to the market value of your home. For example, if your home is worth $400,000 and you owe $300,000, your LTV is 75%.

• Lower LTV: Generally leads to better interest rates and more refinance options, as it indicates less risk for the lender.
• Higher LTV: Can result in higher interest rates, fewer loan options, and may require Private Mortgage Insurance (PMI) if you're refinancing into a loan where your LTV is above 80%.

If you're considering a cash-out refinance, your LTV will increase, which could impact the rate offered.

Refinancing Costs and Fees to Consider

Refinancing isn't free. Be prepared for closing costs, which can include:

• Appraisal fees
• Title insurance
• Loan origination fees
• Attorney or notary fees
• Recording fees
• Prepaid interest

These costs can often add up to 2% to 6% of the loan amount. It's essential to calculate your break-even point – how long it will take for your monthly savings to offset these closing costs.

Tax Implications of Refinancing Your Mortgage

While the Tax Cuts and Jobs Act of 2017 changed some rules, interest paid on a mortgage used to buy, build, or substantially improve a home is generally still tax-deductible, up to certain limits (loan amounts of $750,000 for new debt). If you do a cash-out refinance and use the funds for purposes other than home improvement, the deductibility of that portion of the interest can be complex. It’s always best to consult with a qualified tax professional to understand how refinancing might affect your personal tax situation.

This recent drop in the 30-year fixed refinance rate is a positive development for homeowners. While taking advantage of lower rates is enticing, remember to weigh the costs and benefits carefully, consider your personal financial situation, and consult with professionals to make the best decision for you.