Mortgage rates fell for the third week in a row. Freddie Mac's weekly survey puts the average 30 year fixed rate at 7.18 percent, down from 7.24 percent. The 15 year average fell to 6.57 percent from 6.60 percent. Three weeks ago the 30 year average was 7.40 percent. A year ago it was 6.22 percent, so it is still almost a full percentage point higher. Freddie Mac's 30 year average is the number this brief tracks week to week. Every rate named here is a published national average or benchmark from the dated sources on this page. None of them is an offer, a quote, or a rate anyone is being offered.
The 10 year Treasury is the interest rate on 10 year US government bonds. Mortgage rates tend to follow it. It was 4.84 percent on Thursday, down from 4.98 percent a week earlier.
Then on Friday morning the October jobs report came out, and it was better than September's, which the government revised to 60,000 jobs. Employers added 165,000 jobs. The unemployment rate dipped to 4.1 percent from 4.2 percent. The government also raised its counts for August and September. Pay was up 3.1 percent from a year earlier.
A stronger job market can push rates back up, because it can make the Federal Reserve, the central bank that sets short term rates, more willing to raise its rate again. The Fed raised its rate in September and held it steady in October. Freddie Mac's survey closed before the report, so this week's averages do not include any reaction to it. Next week's will.
In the Mortgage Bankers Association survey, total applications fell 1.2 percent for the week ending October 30, after adjusting for normal seasonal swings. Applications to buy a home fell 2 percent and were 19 percent below a year ago. The association's chief economist said activity is still quite slow, even with rates at their lowest level since September.
What to do this week if you own a home or are buying one
If you have applied and have not locked your rate, three down weeks are good news but not a promise. Locking means the lender agrees to hold your rate for a set number of days while your loan closes. Friday's jobs report came out after this week's survey, and the October consumer price report, the government's main measure of how fast prices are rising, comes out Tuesday. Either can move rates. Ask your loan officer what it costs to lock today, and what it costs in dollars to extend the lock if closing slips.
If you are only shopping, do not treat 7.18 percent as your number. It is a national average for one kind of borrower. That borrower has excellent credit, a large down payment, and a standard size loan not backed by a government program. Your own rate depends on your credit, your down payment, your loan size, and the property.
If a lender offers you an adjustable rate loan, ask for the fees in dollars and ask how high the rate can go. More borrowers are choosing these loans for a lower starting rate. The starting rate is only fixed for a set number of years.
If you are buying, run your actual savings, debts and an insurance quote through the affordability calculator before you make an offer. Decide what monthly payment you are comfortable with, not just what a lender says you qualify for.
If you refinanced or bought this fall at a higher rate, rates are lower now than a few weeks ago. A drop of a fraction of a point rarely covers new closing costs, and some loans have a waiting period before they can be refinanced. The refinance calculator shows how many months of savings it takes to cover the closing costs.
Every rate named here is a published national average or benchmark from the dated sources on this page. None of them is an offer, a quote, or a rate anyone is being offered.
The week in rates
Source Freddie Mac PMMS national averages, Nov 5 2026, and the 10 year Treasury yield published by the US Treasury for Nov 5 2026, the same daily series the St. Louis Fed's FRED database carries as DGS10. These are published national benchmark and average rates from the sources named above. They are not an offer, not a quote, and not a rate anyone is being offered by anyone, including me.
The 30 and 15 year numbers come from Freddie Mac's weekly survey, which averages the rates on home purchase applications that lenders across the country submit to Freddie Mac. The survey looks at one kind of borrower. That borrower is buying a home with 20 percent down and excellent credit. The loan is not backed by a government program such as FHA or VA, and it is within the standard loan size limit. Your own rate depends on your credit, your down payment, the size of your loan and more. Use these as a read on the market, not as the rate you should expect.
The 10 year Treasury yield is the return investors get on 10 year US government bonds. Mortgage rates tend to rise and fall with it, which is why it is worth watching.
The 10 year Treasury was at 4.84 percent on Thursday November 5, against 4.98 percent on Thursday October 29, down 0.14 percentage points. On the days in between it stayed between 4.90 and 4.95 percent.
The prime rate, which home equity lines follow
Source Bank prime loan rate via FRED, series DPRIME, 7.00 percent in the latest value posted, Oct 27 2026, unchanged since it moved from 6.75 percent effective Sep 17 2026. Federal Reserve policy statement, Oct 28 2026. These are published national benchmark and average rates from the sources named above. They are not an offer, not a quote, and not a rate anyone is being offered by anyone, including me.
The prime rate is still 7.00 percent. It has not moved since September 17.
Prime is the rate most large US banks post. It usually moves only when the Federal Reserve changes its short term rate, and the Fed held that rate steady at its October 28 meeting. The Fed's next meeting is December 8 and 9.
Most home equity lines of credit are priced at prime plus an amount the lender sets. A line of credit lets you borrow as you need it, and its rate usually moves with prime. A home equity loan is a lump sum, usually at a fixed rate. So if you have a line of credit, the published rate it follows did not change this week.
I do not publish an average rate for home equity loans or lines of credit. Each lender prices them differently, and published averages disagree widely depending on the borrower they assume. Prime is one published rate, the same at most large banks. The amount your lender adds on top of it still varies. The only honest way to know your own number is to ask a lender for a written estimate on your actual loan.
Every rate named here is a published national average or benchmark from the dated sources on this page. None of them is an offer, a quote, or a rate anyone is being offered.
Who applied for mortgages
The Mortgage Bankers Association tracks mortgage applications every week through a survey of lenders. Most of these numbers are shown after adjusting for normal seasonal swings, like slower holiday weeks. That makes one week fairer to compare with the next.
All mortgage applications were down 1.2 percent for the week after adjusting for normal seasonal swings, and down 2 percent before that adjustment. Adjustable rate loans, where the rate can change after an opening period, rose to 11.4 percent of applications, the highest share since September 2025. The association's own average for a 30 year fixed loan fell to 7.30 percent from 7.37 percent. That is a different survey from Freddie Mac's, so do not compare the two directly.
Applications to buy a home were down 2 percent for the week after adjusting for normal seasonal swings, and down 4 percent before that adjustment. They were 19 percent below the same week in 2025.
Applications to refinance were up 0.1 percent for the week, as the association reported it. That is essentially flat. They were 60 percent below the same week a year ago. Refinances made up 39.8 percent of all applications, up from 38.9 percent a week earlier.
Source MBA Weekly Applications Survey, week ending Oct 30 2026, released Nov 4 2026. The total and purchase week over week figures are after adjusting for normal seasonal swings; the refinance change and all year over year comparisons are as reported, before that adjustment. The refinance and adjustable rate shares are shares of all applications that week and are not adjusted for seasonal swings, as publicly reported. Any rate or share named in this section is a published national average of applications already taken. These are published national benchmark and average rates from the sources named above. They are not an offer, not a quote, and not a rate anyone is being offered by anyone, including me.
How households are doing
These numbers change slowly. They show how much equity, debt and savings American households have, which shapes what options make sense for a homeowner. Each one shows its own date because they are updated on different schedules.
$11.7 trillion in home equity to borrow against, up about 1 percent from a year earlier
Equity is what a home is worth minus what is still owed on it. Homeowners with a mortgage hold $18 trillion of it in total, up from $17.8 trillion a year earlier. ICE, which tracks mortgage data, counts $11.7 trillion of that as the part homeowners could borrow and still keep 20 percent of their home's value as equity. A year earlier it was $11.6 trillion. So there is a little more to borrow against in total than a year ago. About 47.5 million homeowners with a mortgage have equity they could borrow against, roughly the same number as a year earlier. It is not spread evenly, so your own home's equity depends on its value and what you owe.
ICE Mortgage Monitor, August 2026 and August 2025, as of Q2 2026, compared with Q2 2025
About two thirds of the main mortgages people already have carry a rate under 5 percent
This counts only main mortgages, not home equity loans or other second loans. Of those, 65.6 percent carry a rate under 5 percent, and 49.1 percent are under 4 percent. About 22.5 percent, a little more than 1 in 5, carry a rate of 6 percent or higher, up from 20.2 percent a year earlier.
Federal Housing Finance Agency, National Mortgage Database, as of the second quarter of 2026, released September 30 2026, compared with the second quarter of 2025
Homeowners insurance is 9.6 percent of the average monthly mortgage payment
Insurance costs rose 8.7 percent over the past year. That is still an increase, but a slower one. The yearly increase was 11.4 percent at the start of 2026 and peaked at 15.1 percent at the end of 2024. The 1.8 percent rise in the second quarter was the smallest since ICE started tracking it. Shopping around mattered. Homeowners who shopped and switched insurers cut their premiums 6.6 percent, a record. Those who stayed paid 10.4 percent more. The two groups are not alike, so that gap is not a promise of what switching saves you. Insurance ranges from 24.3 percent of the payment in New Orleans to 4.3 percent in San Jose.
ICE Mortgage Monitor, September 2026 edition, as of the second quarter of 2026, in the edition released Sep 10 2026
$1.26 trillion in credit card balances nationwide
This counts every card balance, including people who pay theirs off in full each month, so not all of it is being charged interest.
New York Fed Household Debt and Credit Report, Q2 2026, as of Q2 2026, released Aug 11 2026
21.19 percent average credit card interest rate
The average across all commercial bank credit card accounts, up from 20.94 percent in the May reading. For someone using home equity to pay off cards, the savings are smaller than comparing this card rate to a main mortgage rate suggests. A second loan against the home usually carries a higher rate than the main mortgage. This is a national average, not an offer or a quote.
Federal Reserve G.19, FRED series TERMCBCCALLNS, as of August 2026, released Oct 7 2026
$8,200 is the typical family's balance in checking and savings
This is the median, meaning the family in the middle, among families with checking, savings, money market or similar accounts. After adjusting for inflation, that is 6 percent less than in 2022. The average is $62,900, much higher, because a small number of very large balances pull it up.
Federal Reserve Survey of Consumer Finances, Changes in U.S. Family Finances from 2022 to 2025, as of 2025 survey, released Oct 9 2026, in 2025 dollars
$155,800 average 401k balance, a record
The average across 401k plans Fidelity administers, up 13.1 percent from a year earlier. More people are also taking money out. 3 percent of participants took a hardship withdrawal, up from 2.6 percent a year ago. That means taking money out early because of a serious financial need. And 19.5 percent have a loan against their 401k.
Fidelity Q2 2026 Retirement Analysis, as of Q2 2026, reported Sep 3 2026
$459 billion owed on home equity lines of credit
Money homeowners have borrowed against their equity with a line of credit, usually a second loan that leaves their main mortgage in place.
New York Fed Household Debt and Credit Report, Q2 2026, as of Q2 2026, released Aug 11 2026
55 percent of the equity homeowners took out came through a second loan
Nearly 548,000 homeowners took out a combined $54 billion in equity in the second quarter. About $29.5 billion came through home equity loans and lines of credit, which sit behind the main mortgage and leave it in place. The other $24.3 billion came through cash out refinances, which replace the main mortgage with a bigger one. By ICE's count, that was the strongest quarter for cash out refinances in nearly four years.
ICE Mortgage Monitor, September 2026 edition, released Sep 10 2026, as of Q2 2026
Every figure above is a published national aggregate from the source named beside it. Any rate shown here, including the credit card average, is a national average and not an offer, a quote, or a rate anyone is being offered.
For loan officers
This part is written for loan officers. If you own a home or are buying one, it is still worth reading, because it shows the kind of conversation a good loan officer should be having with you.
Rates fell three weeks in a row, but Friday's jobs report is a reason to call unlocked clients now
Freddie Mac's national average fell to 7.18 percent this week, from 7.24 percent last week and 7.40 percent three weeks ago. The Mortgage Bankers Association's average also fell, to 7.30 percent for the week ending October 30. It measures a different group of loans in a different way, so do not compare the two directly.
Both surveys closed before Friday's jobs report. Employers added 165,000 jobs in October, and the government raised its counts for August and September. A stronger job market can push rates back up. The next test is the October consumer price report on Tuesday November 10. Nobody can tell your client which way it goes.
So call every client in process who has not locked. Check with your compliance team first, because Do Not Call and similar rules can apply. Have two numbers ready: what it costs to lock today, and what your company charges to extend a lock if closing slips.
Make it concrete in the mortgage payment calculator. Run their loan amount at the rate they were quoted. Then run it again half a percentage point higher. Freddie Mac's average rose about that much in three weeks this fall, from 6.95 percent on September 17 to 7.40 percent on October 8. Let them decide with a real number in front of them.
If a client chooses to wait, note it in the file with the date and the cost to lock you quoted.
Every rate named here is a published national average or benchmark from the dated sources on this page. None of them is an offer, a quote, or a rate anyone is being offered.
Adjustable rate loans hit their highest share since September 2025, so walk clients through the caps
Adjustable rate loans rose to 11.4 percent of all applications for the week ending October 30, in the Mortgage Bankers Association survey. That is the highest share since September 2025. The association's chief economist said more borrowers are choosing them to lower their first payments.
In that survey, the 30 year fixed average was 7.30 percent with 0.75 points. Points are charges paid at closing, each one 1 percent of the loan amount. The average for a 5/1 adjustable loan was 6.29 percent with 1.00 point, down from 1.20 points a week earlier. A 5/1 loan keeps its starting rate for five years, then can change once a year. Many adjustable loans today change every six months instead, so read the terms of the loan you are offering.
These averages cover different borrowers. Compare your company's own rates on the same day, with the points shown in dollars.
The harder part is what happens after the starting period. Take the caps from the adjustable rate disclosure for the loan you are offering. Caps are the limits on how far the rate can rise at the first change, at each change after that, and over the life of the loan. Then show them the highest payment in the projected payments table on their Loan Estimate, and the adjustable interest rate table that shows how high the rate can go and when. On some loans with a five year starting period, the first change alone can be up to 5 percentage points. Also check the rate the client is qualified at. It is often above the starting rate.
A client counting on a refinance before the rate adjusts is betting that rates fall, and should hear that plainly.
Every rate named here is a published national average or benchmark from the dated sources on this page. None of them is an offer, a quote, or a rate anyone is being offered.
Buyers pulled back again, 19 percent below a year ago, so make the first call about the cash to close
In the Mortgage Bankers Association survey, applications to buy a home fell 2 percent for the week ending October 30, after adjusting for normal seasonal swings. They were 19 percent below the same week a year ago. That gave back about half of last week's 4 percent rise.
So the buyers who are still moving are worth extra care. A rate that fell 0.06 percentage points this week will not change their life. In my experience, the rate is rarely what ends a purchase. More often it is the cash needed at closing, or a payment that fit on paper and pinches once the bills arrive.
Friday's jobs report cuts both ways for buyers. Pay was up 3.1 percent from a year earlier and unemployment dipped to 4.1 percent, but a stronger job market can also push rates back up. That is a national number. It says nothing about any one buyer's job or income.
On the first call, ask where the down payment and closing money will come from, and how much will be left after. Put their real savings, debts and insurance quote into the affordability calculator with them on the phone. Ask what monthly payment they are comfortable with, not just what they qualify for.
When an agent sends you a buyer, never share that buyer's numbers with the agent without the buyer's permission. If you have preapproved buyers who stopped looking, lower rates are a reason to check in. Before you call them, check with your compliance team, because Do Not Call, telephone consumer protection and commercial email rules can apply.
Every rate named here is a published national average or benchmark from the dated sources on this page. None of them is an offer, a quote, or a rate anyone is being offered.
Refinances are flat and 60 percent below a year ago, so find the few files where the math works
In the Mortgage Bankers Association survey for the week ending October 30, refinances were flat. For most homeowners, a lower rate alone is not a reason to refinance right now. Federal data for the second quarter of 2026 says about 22.5 percent of the main mortgages people already have carry a rate of 6 percent or higher, up from 20.2 percent a year earlier. With the national average at 7.18 percent, most of those loans still sit below today's market, so a lower rate alone helps only a few.
Start with loans you closed at your current company. Get the list and the wording approved by your compliance team before you pull it or call anyone, because Do Not Call and similar rules apply. Then find the clients whose rate is well above what your company offers today. For each one, put the real loan balance, the new rate and your actual closing costs into the refinance calculator. It shows how many months the savings take to cover the costs. Also compare the total interest over the years they expect to keep the loan, because starting a new full length term can lower the payment and still cost more. If the client expects to move or refinance again before the costs are covered, the answer is no.
When a client with a low rate mentions high card balances, use the blended rate calculator to show what all their debt costs together. A second loan can lower the monthly cost, but it puts card debt on the house. If the payments stop, the lender can foreclose. Some of these talks should end with no new loan.
Do not use a credit report pulled for an earlier loan to decide who to call. Choosing who to contact by credit or debt brings in federal credit reporting rules on top of Do Not Call and email rules.
Every rate named here is a published national average or benchmark from the dated sources on this page. None of them is an offer, a quote, or a rate anyone is being offered.
What to watch next
Next week is about inflation, plus a fresh look at household debt.
On Tuesday November 10 at 8:30 Eastern, the October consumer price report comes out. That is the government's main measure of how fast prices are rising. A hotter or cooler reading than expected can move rates that day.
Also on Tuesday November 10, at 11:00 Eastern, the New York Fed releases its household debt report for the third quarter. It covers credit card balances and home equity lines of credit through September.
On Thursday November 12, Freddie Mac's next weekly rate survey comes out. It will be the first to include any reaction to Friday's jobs report.
The Fed's rate committee does not meet again until December 8 and 9.
Loan officers, check your company's rates before your calls each morning. Three down weeks do not mean rates have settled.
Where the numbers come from
Rates are the Freddie Mac Primary Mortgage Market Survey national average, published Nov 5 2026, confirmed on FRED series MORTGAGE30US and MORTGAGE15US. The prior weeks (7.24 on Oct 29, 7.32 on Oct 22, 7.40 on Oct 15 and Oct 8, 6.95 on Sep 17) were checked against FRED MORTGAGE30US. The year ago 30 year average of 6.22 percent is Freddie Mac's Nov 6 2025 reading. The 10 year Treasury is the constant maturity yield published by the US Treasury in its daily par yield curve, the same series FRED carries as DGS10, a daily yield rather than a closing price: 4.98 on Oct 29, 4.94 on Oct 30, 4.91 on Nov 2, 4.95 on Nov 3, 4.90 on Nov 4 and 4.84 on Nov 5 2026. The prime rate is FRED series DPRIME, 7.00 percent in the latest posted value, Oct 27 2026. The Fed's Oct 28 decision is from the Federal Reserve policy statement, and the Dec 8 and 9 meeting dates are from the Federal Reserve's meeting calendar. Job figures are the Bureau of Labor Statistics Employment Situation for October 2026, released Nov 6 2026, and FRED series UNRATE. Application figures, the refinance and adjustable shares, the association's 30 year and 5/1 adjustable averages with points, and its chief economist's comments are the Mortgage Bankers Association weekly survey for the week ending Oct 30 2026, released Nov 4 2026; the prior week's 4 percent rise in purchase applications, after adjusting for seasonal swings, is from the survey for the week ending Oct 23 2026, released Oct 28 2026. The share of existing mortgages by rate is the Federal Housing Finance Agency National Mortgage Database for the second quarter of 2026, released Sep 30 2026. Other household figures are from the New York Fed, ICE, the Federal Reserve and Fidelity, each dated in the list above. The Nov 10 consumer price date is the Bureau of Labor Statistics release schedule, and the Nov 10 household debt report date is the New York Fed's media advisory of Nov 4 2026. This issue went up Friday November 6 2026, the day after the Thursday survey it reports, and after the jobs report. This brief is educational market commentary. It is not an offer of credit, not a quote, not a commitment to lend, and not financial, tax, or legal advice. Figures are national aggregates and say nothing about what any individual borrower qualifies for.