Mortgage Rates Today: 30-Year Dips Near 7% (Nov 3, 2026)
Mortgage rates today are drifting lower, but they are still well above where they were a year ago. Borrowers got a small break this week, and the Fed’s next move could change that quickly. Here is what happened and what it means for your next loan.
Mortgage Rates Today: Where the Averages Stand
Averages differ by source because each tracks different lenders and loan profiles. Here is where the main trackers sit on November 3.
- Mortgage Research Center (via Forbes): The 30-year fixed average fell 0.11 percentage points in a week to 7.12%, with a 7.16% APR. The 15-year fixed dropped to 6.27%.
- NerdWallet: The 30-year fixed average fell 13 basis points from the prior day to 6.93% APR, which is 83 basis points above a year ago.
- Freddie Mac (week ending Oct. 29): The 30-year fixed averaged 7.24%, down 8 basis points from 7.32% the week before.
- Jumbo loans: The 30-year fixed jumbo rate decreased to 7.39%. Jumbo applies above the 2026 conforming limit of $832,750 in most areas.
What it costs: At 7.12%, a 30-year fixed loan runs about $673 per month in principal and interest for every $100,000 borrowed. Taxes and insurance are extra.
Refinance Rates Slip Too
Homeowners looking at a refinance saw modest relief. Zillow’s national 30-year fixed refinance rate is 7.40%, down 11 basis points from last week’s 7.51%. Its 15-year refinance rate is 6.41% and its 5-year ARM is 6.62%.
A refinance only makes sense if you recover the closing costs. Find your break-even month before you lock. If you are a property investor weighing a cash-out or rate-and-term move, Kala Lending offers cash-out refinance and rate and term refinance options.
Why Mortgage Rates Are Easing: The 10-Year Treasury
Mortgage pricing follows long-term bond yields more than it follows the Fed. The 10-year Treasury closed at 4.94% on October 30, down from 5.31% on October 5. That drop of more than a third of a percentage point is the main reason mortgage rates have slipped.
Housing data is also soft. September housing starts fell 5.2%, more than expected, which points to weakness in the rate-sensitive housing market.
What the Fed Could Do Next
Relief may not last. The Fed’s benchmark rate sits at 3.75%–4.00%, and its next scheduled meeting is December 8–9. Markets were pricing roughly an 82% chance of a quarter-point hike at that meeting, according to an October 30 update. Forecasters at one outlet expect a base case where 30-year rates drift slightly lower, to roughly 7.0% to 7.25% if data stays close to forecasts.
Dates to watch:
- November 10: The October Consumer Price Index, described as the big inflation reading for the Fed.
- November 18: The next housing starts release, covering October construction.
- December 9: The Fed decision.
What This Means for Buyers, Owners and Investors
- Buyers: A 0.1-point dip helps at the margin, but 7% is still a high payment. Get pre-approved so you can lock quickly when a good quote appears.
- Homeowners: Run the break-even math on any refinance. A small weekly drop rarely justifies one by itself.
- Real estate investors: Rate-sensitive deals need a financing plan that does not rely on rates falling. A DSCR loan qualifies you on rental income instead of personal income. For short-term projects, see Kala Lending’s bridge loans, including fix and flip and new purchase DSCR programs.
Bottom Line on Mortgage Rates Today
Mortgage rates today are trending down because bond yields have cooled, but a likely December Fed hike keeps the outlook uncertain. If you have a near-term closing and a quote that works for your budget, locking is worth considering. If your timeline is longer, ask about float-down options.
Ready to explore your options? Apply now, browse our loan services, or contact the Kala Lending team. For more updates, visit our blog.
Disclaimer: Rates are national averages from third-party sources as of November 3, 2026. They are not Kala Lending offers and may change daily. Your rate depends on credit, loan type and property. This article is informational and is not financial advice.