Today’s Mortgage Rates November 11: 30-Year FRM Remains Steady at 6.16%

Well, it’s November 11th, and if you're wondering about today's mortgage rates, here’s the immediate takeaway: things are pretty much holding steady. We’re not seeing any dramatic plunges or sky-high spikes, which, honestly, has become the theme for much of November so far. According to my review of the latest data from Zillow, the average 30-year fixed mortgage rate nudged up just a hair, reaching 6.16%. Similarly, the 15-year fixed rate saw a slight increase, ticking up to 5.61%.

This kind of quiet is a clear signal that the market is still trying to figure itself out. Without big news from the economy or a strong directive from the Federal Reserve, mortgage rates are likely to stay in this familiar range for a while. It feels like we’re in a holding pattern, waiting for that piece of information that will finally tip the scales one way or the other.

Today's Mortgage Rates November 11: 30-Year FRM Remains Steady at 6.16%

Let's break down the numbers for you. It’s always helpful to see the specifics, and remember, these are national averages, so your local lender might have slightly different offers.

Today's Average Mortgage Rates (November 11)

Loan Type	Average Rate
30-year fixed	6.16%
20-year fixed	6.04%
15-year fixed	5.61%
5/1 ARM	6.54%
7/1 ARM	6.51%
30-year VA	5.61%
15-year VA	5.35%
5/1 VA	5.57%

(Data Source: Zillow)

As you can see, the 30-year fixed mortgage, which is the most popular choice for homebuyers, is currently sitting at 6.16%. The 15-year fixed offers a slightly lower rate, but comes with a higher monthly payment since you’re paying off the loan faster. For those considering adjustable-rate mortgages (ARMs), the initial rates are a bit higher than the 20-year fixed, but they offer a lower starting payment for the first five or seven years.

VA loan rates, which are a fantastic benefit for our veterans and active-duty military, are looking quite competitive, especially the 30-year and 15-year options.

Refinancing: Is It Still Worth It?

Now, let’s talk about refinancing. If you’re a homeowner looking to potentially lower your monthly payment or tap into your home’s equity, the picture for refinancing is also mostly unchanged today.

Today's Average Refinance Rates (November 11)

Loan Type	Average Rate
30-year fixed	6.33%
20-year fixed	6.30%
15-year fixed	5.82%
5/1 ARM	6.63%
7/1 ARM	6.95%
30-year VA	5.97%
15-year VA	5.77%
5/1 VA	5.42%

You’ll notice that refinance rates are generally a bit higher than the purchase rates. This is typical, as lenders have different pricing models for each. For many homeowners who locked in rates below 5% during the pandemic boom, refinancing today might not make financial sense. It’s like having a treasure chest of low-interest debt; why would you exchange it for something more expensive?

The Bigger Picture: What’s Driving These Rates?

Understanding why mortgage rates are where they are today involves looking at a few key players and trends.

The Federal Reserve's Role:

The Federal Reserve has been in the spotlight a lot this year. They’ve made a couple of moves to lower their benchmark interest rate, a quarter-point cut at the end of October being the most recent. This has certainly helped bring mortgage rates down from their peak earlier in the year, but as you can see, the impact hasn't been earth-shattering.

Looking ahead, there's a decent chance – about 64% according to Zillow’s analysis of the CME FedWatch tool – that we could see another quarter-point cut at the December meeting. However, I’ve heard some chatter from economists who aren’t entirely convinced this will happen. The Fed is navigating a tricky path, trying to balance inflation concerns with the need to support economic growth. Their decisions are, without a doubt, a major influence on mortgage rates.

Market Sentiment and Economic Data:

The market is like a nervous spectator right now, constantly looking for clues. We’ve seen mortgage rates dip to their lowest points in over a year recently, but they’ve firmed up a bit in November. Even with the Fed’s rate cuts, the general consensus among experts is that we shouldn’t expect massive rate drops by the end of next year. This suggests rates will likely stay within a certain band, a “range-bound” market as the analysts say.

The lack of significant, new economic data that would clearly point towards a stronger or weaker economy means lenders and investors are hesitant to make big bets. This caution translates into the steady, uneventful rate environment we’re experiencing.

The Affordability Squeeze:

This is a big one, and it’s something I discuss with clients regularly. For many people who bought homes a few years ago, they’re sitting on some incredibly favorable mortgage rates, often below 5%. These are often referred to as “golden handcuffs” because the prospect of selling and buying a new home with current, higher rates is financially daunting.

Think about someone who bought a home in 2021 with a 3% mortgage. If they bought a similar home today at, say, 6.2%, their monthly payment would jump significantly for the same house. Couple this with the fact that home prices themselves have continued to climb in many areas, and you’ve got a real affordability challenge many Americans are facing. Trying to buy a home today with these rates and prices requires a much larger portion of your income than it did just a couple of years ago.

I’ve heard some analysts suggest we might not see those ultra-low 2-3% rates again anytime soon, if ever. The economics of the housing market have shifted.

Exploring Alternative Mortgage Options:

Because of these affordability hurdles, people are starting to look at different ways to make homeownership work. I’ve heard whispers about unconventional ideas, like the proposed 50-year mortgage plan that was floated. While the intention is to make housing more accessible by lowering monthly payments, many experts are understandably skeptical about whether this would be a truly beneficial long-term solution for homeowners. Stretching payments over 50 years could mean paying significantly more in interest over the life of the loan.

The Federal Housing Finance Agency (FHFA) is also exploring other avenues, such as assumable mortgages (where a buyer can take over the seller's existing mortgage, including its rate) or portable mortgages. These are interesting concepts that could offer some relief, but they come with their own complexities and aren’t mainstream solutions yet.

Regional Differences and Seller Concessions:

It’s crucial to remember that national averages don’t tell the whole story. Mortgage rates can and do vary by location. For instance, I’ve seen reports of buyers in certain areas, like Colorado, managing to secure rates in the 4% range recently. This often happens when there are specific local market conditions at play.

Another strategy that's become more prevalent is seller-assisted buy-downs. This is where the seller offers to pay a portion of your closing costs, often to buy down your interest rate for the first few years of the loan. This can be a fantastic way for buyers to get their foot in the door with a more manageable initial payment. It's a win-win: buyers get a lower monthly cost, and sellers can make their home more attractive to potential buyers.

Refinancing Activity is Slowing:

Given the analysis above, it’s no surprise that the number of people applying to refinance their mortgages has decreased. Many of the homeowners who stand to benefit the most from refinancing are already holding those low, pandemic-era rates. For those who don't have a compellingly low rate to refinance into, they are increasingly looking for other ways to access their home's equity.

This is why we’re seeing a rise in applications for home equity lines of credit (HELOCs) or home equity loans. These allow homeowners to borrow against the equity they've built up in their homes without necessarily refinancing their primary mortgage.

For me, observing today's mortgage rates on November 11 reinforces the idea that the housing market is in a period of adjustment. Interest rates are a significant factor, but they’re just one piece of the puzzle. Home prices, economic stability, and individual financial situations all play equally important roles in the decision to buy or refinance. It’s a complex environment, and staying informed is key.