Mortgage Rates Fall a Fourth Week: 30-Year Drops to 7.11%
Freddie Mac's survey for November 12, 2026 shows the 30-year fixed down 7 basis points to 7.11% and the 15-year down 12 to 6.45%, a fourth straight weekly decline and the lowest 30-year reading since late September.
Rates fell for a fourth straight week. Freddie Mac’s Primary Mortgage Market Survey, released today, November 12, 2026, puts the benchmark 30-year fixed-rate mortgage at 7.11%, down 7 basis points on the week and the lowest reading since late September.
The weekly benchmark
| Loan type | Last week (Nov. 5) | This week (Nov. 12) | Week over week | One year ago |
|---|---|---|---|---|
| 30-year fixed-rate | 7.18% | 7.11% | −0.07 (7 basis points) | 6.24% |
| 15-year fixed-rate | 6.57% | 6.45% | −0.12 (12 basis points) | 5.49% |
Source: Freddie Mac Primary Mortgage Market Survey, November 12, 2026. One-year-ago figures are the survey week of November 13, 2025.
The trend behind it
Four weeks down. The 30-year peaked at 7.40% on October 8 and 15. It has eased every week since: 7.32%, 7.24%, 7.18% and now 7.11%. That is 29 basis points off the high.
The 15-year moved more. It fell 12 basis points this week to 6.45%, its lowest reading since September 24.
The 10-year Treasury was nearly flat. The benchmark yield was 4.88% on November 9, against 4.91% on November 2. (Federal Reserve Bank of St. Louis, series DGS10)
Read the number honestly
Seven basis points is a real move in direction and a small one in dollars. On a $400,000 loan, 30-year fixed, principal and interest only, the drop from 7.18% to 7.11% takes the monthly payment from $2,710 to $2,691. That is $19 a month.
On the Austin area’s median home sold over the last 30 days, $410,000 across 1,835 closings, with 20% down, principal and interest comes to about $2,206 a month at today’s rate, about $16 less than last week.
What a year costs
| $400,000 loan, 30-year fixed | Rate | Monthly principal and interest |
|---|---|---|
| Today | 7.11% | $2,691 |
| Same week, 2025 | 6.24% | $2,460 |
Illustrative. Principal and interest only, excluding taxes, insurance and any mortgage insurance. Not a loan quote.
That is $231 a month, and about $83,000 across the full term. Put differently, the $2,691 payment that carries a $400,000 loan today would have carried roughly $437,000 a year ago. Same payment, about $37,000 less house.
What this means if you are buying in the Austin area
A month of steady relief has taken some of the October spike back out, but financing is still close to a full percentage point above last autumn. If you were approved during the October peak, ask your lender to rerun the numbers. A lower rate can move the price range you qualify for.
The working order has not changed. Know the payment you can carry, work back to the price range that payment supports, and shop inside it. Rates set the payment, and the payment sets the range.
That’s where rates stand. We’ll track them again next Thursday.
Sources: Freddie Mac Primary Mortgage Market Survey (November 12, 2026); Federal Reserve Bank of St. Louis, DGS10; Ready Front Real Estate closed-sale data, Austin MSA (Travis, Williamson, Hays, Bastrop and Caldwell counties) detached single-family homes, October 13–November 11, 2026.
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