America's average 30-year fixed mortgage rate fell to 7.18% this week, its third consecutive decline, Freddie Mac said.
By the numbers: The average 30-year fixed mortgage rate fell to 7.18% as of Nov. 5, down from 7.24% a week earlier and 7.32% three weeks ago.
- The average 15-year fixed rate declined to 6.57% from 6.60% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.
- A year ago, the 30-year average was 6.22%, leaving today's borrowers nearly a full percentage point above the same week in 2025.
The big picture: Three weekly declines improve buying power at the margin, but financing remains expensive. Freddie Mac says the broader backdrop includes strong economic growth.
- Freddie Mac's consumer guide estimates principal and interest of about $1,996 a month on a $300,000 mortgage at 7%, compared with $1,896 at 6.5% and $2,098 at 7.5%.
Between the lines: The survey draws from thousands of mortgage applications submitted through Freddie Mac's Loan Product Advisor by credit unions, commercial banks and mortgage lenders nationwide.
The bottom line: Buyers should compare several lenders because the published figure is a national weekly average. Credit, down payment and loan structure can move an individual quote above or below it.
Why it matters: A half-point difference changes the estimated payment on a $300,000 mortgage by about $100 a month. Shopping the rate can produce savings that compound over a 30-year loan.
