Mortgage Rates Today, November 2, 2026: 30-Year Refinance Rate Rises by 2 Basis Points

Monday brought a small bump for homeowners shopping for a new loan. Zillow reports the national 30-year fixed refinance rate rose to 7.50% on November 2, 2026, up 2 basis points from 7.48% the day before. The good news hiding in that headline: the rate is still 1 basis point under the previous week's average of 7.51%.

The other two loans tell a calmer story. The 15-year fixed refinance rate slipped to 6.46%, down 1 basis point from 6.47%, and the 5-year ARM refinance rate held steady at 6.62%. So while the 30-year ticked up overnight, the bigger picture this week is a market moving sideways. Let me show you what these numbers mean for a real monthly budget and how to tell if now is your moment.

Here is Zillow's Monday snapshot, with the day-earlier figures Zillow reported next to each rate:

Refinance Loan	Zillow Rate, Nov 2	Prior Rate	Change
30-Year Fixed	7.50%	7.48%	Up 2 bps
15-Year Fixed	6.46%	6.47%	Down 1 bp
5-Year ARM	6.62%	6.62%	Unchanged

Source: Zillow, last updated Monday, November 2, 2026.

Three quick takeaways from Monday's board:

• Daily up, weekly down: the 30-year rose 2 basis points from Sunday but sits 1 basis point below the 7.51% weekly average.
• The 15-year keeps easing: at 6.46%, it's the lowest of the three and 1.04 percentage points cheaper than the 30-year.
• The ARM didn't budge: 6.62% is now 16 basis points above the 15-year fixed, so the adjustable loan has lost its rate edge.

Source: Zillow

How Much a 2 Basis Point Move Really Costs

Think of a basis point as a penny on a dollar's worth of interest rate: 2 basis points is just 0.02%. To see it in dollars, picture a $400,000 refinance on a new 30-year fixed loan. Counting principal and interest only, Norada estimates:

• At Sunday's 7.48%: about $2,791 per month
• At Monday's 7.50%: about $2,797 per month

That is roughly $5 to $6 more a month, or around $1,970 over all 30 years. Compared with last week's 7.51% average, you'd actually pay about $3 less each month. Honestly, that's lunch money. Lender fees, discount points, and your credit score will move your quote far more than Monday's tiny shift.

So don't let a 2 basis point bump scare you off. If refinancing lowered your payment last week, it still does today. Waiting for the “perfect” rate can cost you more in the long run, because your current higher payment keeps going out every single month while you wait.

Why the 15-Year Fixed at 6.46% Deserves a Look

The shorter loan went the other way on Monday, easing to 6.46%. On a $400,000 balance, Norada figures a monthly payment near $3,476. That's about $679 more per month than the 30-year at 7.50%, so it isn't for every budget.

Now look at the interest. Paid off over 15 years, that loan costs roughly $225,600 in interest. The same $400,000 over 30 years at 7.50% runs about $606,900. That difference, more than $381,000, is the price of stretching the loan out. If your income is steady and you have a healthy savings cushion, the 15-year lets you own your home free and clear in half the time.

Monday's 1 basis point dip trims only about $2 a month from that payment, so the main trade-off stays the same: a bigger bill now, far less interest later.

Comparing the 30-Year Fixed, 15-Year Fixed, and 5-Year ARM

A 5-year ARM keeps its starting rate fixed for five years. After that, the rate can change once a year with the market, and the loan is usually paid off over 30 years. Here's a side-by-side look at Monday's choices on a $400,000 refinance:

Loan Option	Zillow Rate	Est. Monthly Payment	Est. Balance After 5 Years
30-Year Fixed	7.50%	$2,797	$378,470
5-Year ARM (30-Year Payoff)	6.62%	$2,560	$374,960
15-Year Fixed	6.46%	$3,476	$306,640

Norada estimates based on Zillow's November 2, 2026 refinance rates; principal and interest only, rounded.

The ARM still has the lowest payment, about $237 a month below the 30-year fixed. That can work well if you're fairly sure you'll move or refinance again within five years. The catch is that nobody knows where rates will be when the fixed period ends in late 2031, and your payment could rise.

Meanwhile, the 15-year fixed now beats the ARM on rate by 16 basis points, with zero reset risk. After five years, you'd owe about $71,800 less than on the 30-year fixed. If the higher payment fits, that's a strong deal.

Is a Refinance Right for You This November?

Monday's move matters far less than the rate on your current loan. Here's a simple yes-or-no check.

Refinancing may make sense if:

• Your rate is well above 7.50%. A $400,000 loan at 8.25%, for example, costs about $3,005 a month, roughly $208 more than at Monday's 30-year average.
• You expect to stay in the home long enough to earn back your closing costs.
• You have an adjustable loan nearing a reset and want a payment you can count on.

Holding off may be smarter if:

• Your current rate is already below today's averages. Trading a cheap loan for a pricier one rarely pays unless you need cash from your equity.
• You could sell or move before your monthly savings cover the upfront costs.

Here's the easy break-even math: divide your closing costs by your monthly savings. In the 8.25% example, $8,000 in costs divided by $208 a month comes to about 38 months, a bit over three years. Keep the loan longer than that, and the refinance pays you back.

What Might Move Refinance Rates Next

Early November is packed with economic reports, and each one can tip rates a little. Keep an eye on these:

• 10-year Treasury yield: Mortgage rates tend to follow it. When yields fall, refinance rates usually follow, and when they climb, rates climb too.
• Hiring reports: A hot job market can keep rates high, while slower hiring often brings them down.
• Inflation numbers: Cooler price growth helps rates ease; hotter readings push them up.
• The Federal Reserve: The Fed doesn't set mortgage rates, but what it says about the economy shapes how lenders price long loans.

Nobody can time the exact bottom. Your energy is better spent on what's in your hands: your credit score, your equity, and how long you'll keep the new loan.

Simple Steps to Beat the National Average

• Remember it's an average: Zillow's figures are national numbers. Your own rate depends on credit, how much equity you have, and the loan type.
• Shop at least three lenders: Ask for Loan Estimates on the same day so fees, points, and rates line up fairly.
• Tune up your credit first: Lower card balances and fixed report errors can raise your score and cut your rate.
• Think twice about points: Paying to buy down your rate only makes sense if you'll keep the loan for many years.

One more tip: when you collect quotes, ask each lender how long they will hold the rate after you lock. A 30-day or 45-day lock gives you a fixed target while the paperwork moves along, so a small swing like Monday's 2 basis point rise won't change your final deal. Also ask whether a longer lock costs extra, since some lenders charge a fee for that added safety.

My Take on Monday's Refinance Rates

A 2 basis point uptick on Monday is a blip, and the 30-year is still a touch lower than last week's average while the 15-year keeps getting cheaper. For most homeowners, this week's choice will come down to personal numbers, not headlines. Pull out your latest mortgage statement, gather a few same-day quotes, find your break-even month, and let that guide your next step.