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US 30-year mortgage rate eases to 7.18%

NEWS

November 6, 2026 at 14:46 UTC

3 min read
Suburban home with for sale sign illustrating easing US 30-year mortgage rates at 7.18%

Key Points

  • 01Average US 30-year fixed mortgage rate declines to 7.18% this week
  • 02The move marks the third straight weekly drop in 30-year rates
  • 03Freddie Mac data show a path from 7.32% in late October to 7.18% now
  • 04Despite easing, today’s 7.18% remains above last year’s 6.22% level

30-year mortgage rate falls to 7.18%

The average U.S. 30-year fixed mortgage rate has slipped to 7.18% this week, extending a recent easing in borrowing costs. The 30-year fixed averaged 7.18% with an APR of 7.25%.

The 30-year fixed rate was 7.18% with an APR of 7.25%, alongside lender offers below that average. One advertised offer lists a 30-year fixed rate of 5.997% with a 6.118% APR and 0.949 points, underscoring how individual borrower quotes can differ from national aggregates.

Third consecutive weekly decline in rates

Freddie Mac’s Primary Mortgage Market Survey shows that the 30-year fixed rate has now fallen for three weeks in a row. The latest move is a six-basis-point decline from last week’s 7.24%, following a larger drop the week before.

The three-week slide represents a continued downward trajectory that improves the environment for prospective homebuyers.

Impact on monthly payments and buyer relief

Even small percentage-point moves can translate into noticeable changes in monthly payments. For a $350,000 loan on a 30-year fixed mortgage, a rate of 7.24% produces an estimated principal-and-interest payment of about $2,382 per month. At this week’s 7.18% average, that payment falls to roughly $2,368.

Payment illustrations show savings of about $36 per month, or a little more than $430 per year, compared with slightly higher recent rates.

15-year mortgage trends and comparison to last year

The easing trend is not limited to 30-year loans. The 15-year fixed rate was 6.57% this week.

Despite the recent declines, today’s rates remain above last year’s levels. The average 30-year fixed mortgage rate stood at 6.22% one year ago. With the current reading at 7.18%, long-term borrowing costs are still significantly higher than a year earlier, even as the latest three-week slide offers incremental improvement for households entering the housing market.

Key Takeaways

  • 01The US 30-year fixed mortgage rate has eased to 7.18%, but borrowing costs remain high by historical comparison.
  • 02A three-week sequence of declines from 7.32% to 7.18% marks a sustained, though modest, shift toward more favorable financing conditions.
  • 03Small rate moves translate into tangible monthly payment changes, giving homebuyers limited but measurable relief as they assess affordability.

References

  1. https://www.bankrate.com/mortgages/mortgage-rates/
  2. https://economictimes.indiatimes.com/markets/us-stocks/news/the-average-us-30-year-mortgage-rate-falls-to-7-18-this-week-its-third-straight-decline-/articleshow/135585420.cms
  3. https://www.noradarealestate.com/blog/fixed-mortgage-rate-drops-for-the-third-consecutive-week/
  4. https://www.noradarealestate.com/blog/mortgage-rates-decline-again-giving-some-relief-to-homebuyers/
US 30-year mortgage rate eases to 7.18% | Trading Dashboard