Freddie Mac Says 30-Year Rate Fell to 7.11%

Freddie Mac's weekly mortgage number is a bit like starlight: by the time it reaches you, the source has already moved. Freddie Mac reported an average 30-year fixed rate of 7.11% as of Nov. 12, down from 7.18% a week before and the lowest reading in seven weeks ^[1].

The 15-year fixed fell to 6.45% from 6.57%, according to the same survey ^[1].

How we got here

• Freddie's figure averages loan applications from the prior Thursday through Wednesday, so this week's 7.11% mostly reflects calmer days before Tuesday ^[1].
• On Tuesday, Mortgage News Daily's daily average for the 30-year jumped 12 basis points to 7.30% after a hotter-than-expected consumer price report, CNBC reported ^[3].
• The 10-year Treasury yield, a benchmark lenders watch, sat at 5.1% on Nov. 12, up 0.26 point in about a week, per The Portal's data ^[4].
• A year ago, Freddie Mac's 30-year average stood at 6.24% and the 15-year at 5.49% ^[1].

But the headline drop already looks out of date. Matthew Graham of Mortgage News Daily wrote that the survey counted three low-rate days and only one higher day, and that daily rates have actually climbed 0.25% since Freddie's last report, to their highest levels in more than 3 weeks ^[2]. Freddie's 0.07 point decline and the daily jump measure different windows, not conflicting facts ^[1][2].

What it means for you

Quote shopping matters more than the weekly headline. On a $400,000, 30-year loan, 7.11% works out to about $2,691 a month in principal and interest, by our math, versus about $2,460 at last year's 6.24% ^[1]. If today's quotes run near 7.43%, as the 0.25% daily rise implies, that payment would be roughly $2,778, by our math ^[2]. Ask lenders for a same-day rate rather than relying on the survey.

Zoom out

With the 10-year yield above 5% and inflation running hot, borrowing costs remain well above last year's level even after a month of easing ^[4][1].