Today’s Mortgage Rates – November 1: Rates Inch Lower, 30-Year FRM Sits Around 6.11%

If you're wondering about today’s mortgage rates on November 1, 2025, here’s the scoop: the average 30-year fixed mortgage rate is sitting around 6.11%, and for a 15-year fixed, it's 5.58%. This is according to the latest figures from Zillow. But, as you've probably noticed, it's not that simple as just looking at a single number. Mortgage rates have been doing a bit of a dance lately, up one day, down the next. It’s like trying to catch a greased piglet – exciting, but not always predictable!

Today's Mortgage Rates – November 1: Rates Inch Lower, 30-Year FRM Sits Around 6.11%

So, what are the numbers telling us right now? Zillow’s latest data gives us a snapshot of the national averages for different loan types:

Loan Type	Current Rate
30-year fixed	6.11%
20-year fixed	5.98%
15-year fixed	5.58%
5/1 ARM	6.58%
7/1 ARM	6.69%
30-year VA	5.61%
15-year VA	5.13%
5/1 VA	5.69%

It’s important to remember that these are averages. Your actual rate could be different based on your credit score, the size of your down payment, and other factors. Think of these as the starting point in a much bigger conversation.

Refinance Rates: The Refresher Course

For those of you already homeowners with a mortgage, you might be eyeing a refinance. It’s a great way to potentially lower your monthly payments or tap into your home's equity. Here’s how the refinance rates are looking, again, from Zillow:

Loan Type	Refinance Rate
30-year fixed	6.29%
20-year fixed	6.11%
15-year fixed	5.70%
5/1 ARM	6.83%
7/1 ARM	7.26%
30-year VA	5.97%
15-year VA	5.80%
5/1 VA	5.55%

Looking at these numbers, homeowners with rates significantly above 6.75% might still find refinancing a smart move. However, the absolute best rates of this cycle might have already sailed past us, so it’s a matter of finding the best available and best for your situation.

The Fed's Big Moves: What's Happening and Why It Matters

Now, let's get into the real engine driving these rates: the Federal Reserve. On October 29, 2025, they made another move, cutting their benchmark interest rate by 0.25 percentage points. This is the second time in a row they've done this. This tells me they’re getting increasingly concerned about the economy slowing down, especially when it comes to jobs.

But here’s where it gets a bit complex. Federal Reserve Chair Powell sounded a bit cautious, saying that another rate cut in December isn't a “sure thing.” Why? Well, the economy is sending mixed signals, and there have been some disruptions in how we get our economic data because of the federal government shutdown. This uncertainty is precisely why we see those daily rate fluctuations. Markets are trying to figure out what the Fed will do next, and it creates a bit of a rollercoaster ride.

One significant shift? Starting December 1, 2025, the Fed will stop reducing its holdings of assets. This is called Quantitative Tightening (QT), and when they stop it, it can provide some underlying support for financial markets, including mortgages.

Economic Crosscurrents: The Data Dance

The Fed's decision to cut rates isn't made in a vacuum. They’re looking at a bunch of things, and it’s a tricky balancing act:

• Jobs: We’re seeing clear signs that the job market isn't as strong as it used to be. This was a big push for the Fed to lower rates.
• Inflation: Prices are still a bit high, staying above the 2% target the Fed aims for. This is like a handbrake on how much they can cut rates.
• Data Gaps: The government shutdown has made it hard to get a clear picture of what’s happening. It’s like trying to drive with patches instead of a clear windshield.

Market Reactions: The Yield Rollercoaster

When the Fed signals caution, the markets pay attention. Right now, the 10-Year Treasury Yield is hovering around 4.08%. This is important because mortgage rates tend to follow Treasury yields. Powell's comments about future cuts not being guaranteed caused these yields to tick up. This tells me that instead of rates continuing to drop rapidly, we're likely to see them stabilize in the mid-6% range for a bit.

The coming weeks will be crucial. Every economic report released in November will be like a clue for the Fed’s December meeting.

What Does This Mean for You and Your Home Dreams?

Let's bring it back to what matters most: your home plans.

• For Buyers: The good news is that buying a home now is much more manageable than it was a year ago when rates were higher. However, that period of rapidly improving conditions might be pausing for a moment. It’s less about chasing falling rates and more about securing a good rate when you find the right home.
• For Sellers: With interest rates stabilizing and the economy showing some mixed signals, demand for homes should stay pretty solid. However, the super-fast pace of sales we've seen might cool off a little. It's still a good time to sell, but perhaps not the frantic race it was.
• Refinance Opportunity: As I mentioned, if your current rate is much higher than what’s available today (say, above 6.75%), it's worth exploring a refinance. You could save a good chunk of money each month. Just remember, the clock on the absolute best refi rates this cycle might be ticking.

Final Thoughts

From my experience, the key here is strategy, not just reacting to headlines.

• For Borrowers: Don't wait too long to lock in a rate if you find one that works for you. While the overall trend might be towards lower rates eventually, the path is likely to be a bit bumpy with ups and downs. Being prepared is better than being caught off guard.
• For Market Watchers: Keep an eye on those November economic reports. They are going to be the main indicators for what the Fed does next. Also, watch the labor market closely. If jobs continue to soften, it'll pressure the Fed to cut rates. If inflation starts creeping up again, that could halt the easing cycle altogether.
• The End of QT: This is a subtle but important factor. When the Fed stops shrinking its balance sheet, it can act as a cushion, potentially preventing mortgage rates from spiking too high.

This period is a perfect example of why staying informed is so vital. Today’s mortgage rates are influenced by global economic forces and the decisions of policymakers. By understanding these undercurrents, you can make more confident and informed decisions about your homeownership journey.