Today’s Mortgage Rates, November 2: 30-Year Fixed Drops 2 Basis Points

Monday is here, and the first full week of November starts with mortgage rates sitting right where they ended last week. On Monday, November 2, 2026, Zillow's average 30-year fixed purchase rate is 7.10%, down 2 basis points from last Monday's 7.12%. The 15-year fixed is 6.45%, down 3 basis points in a week, and the 20-year fixed holds steady at 6.83%.

Here's the plain truth about today: rates were flat from yesterday. Every one of Zillow's eight purchase averages matches Sunday's figure, because the latest Zillow numbers still reflect the last update on Friday, October 30. That's why I'm looking at the week instead of the day. Fixed-rate loans are a little cheaper than a week ago, while adjustable and VA loans mostly got pricier. Let's walk through what that means for your monthly payment and which loan type looks smartest right now.

Zillow Purchase Rates for Monday, November 2, 2026

The table lines up today's national averages against last Monday, October 26. Because nothing changed from Sunday, the weekly column tells the real story:

Loan Type	Today (Nov 2)	Last Monday (Oct 26)	Weekly Change
30-year fixed	7.10%	7.12%	Down 2 bps
20-year fixed	6.83%	6.83%	No change
15-year fixed	6.45%	6.48%	Down 3 bps
5/1 ARM	7.03%	7.00%	Up 3 bps
7/1 ARM	6.89%	6.38%	Up 51 bps
30-year VA	6.71%	6.68%	Up 3 bps
15-year VA	6.62%	6.14%	Up 48 bps
5/1 VA	6.38%	6.18%	Up 20 bps

Source: Zillow

What jumps out to me this Monday:

• Fixed loans are the winners of the week. The 30-year and 15-year fixed both sit a few hundredths lower than seven days ago.
• The 7/1 ARM is no longer a deal. It climbed half a percentage point, from 6.38% to 6.89%.
• VA loans moved up. All three VA averages are higher, led by the 15-year VA.
• The lowest rate on the board is still the 5/1 VA at 6.38%.

Quick refresher: one basis point is one hundredth of a percent. So a 2 basis point dip moves a 7.12% rate to 7.10%.

What the 30-Year Fixed Means for Your Budget

Let's use a $350,000 loan this time, a common size for first-time buyers. At today's 7.10%, principal and interest come to about $2,352 a month. At last Monday's 7.12%, you'd have paid about $2,357.

That's roughly $5 a month back in your pocket. Not much, I know. Think of it like a tiny step down a long staircase. One step doesn't change the view, but a few weeks of steps in the same direction start to matter.

The 15-Year Fixed Is Still the Interest Saver

The 15-year fixed dropped from 6.48% to 6.45%. On $350,000, the monthly payment moves from about $3,045 to about $3,039, around $6 less.

The bigger number is total interest. At 6.45% over 15 years, you'd pay about $197,000 in interest. A 30-year loan at 7.10% would cost about $497,000 in interest on the same amount. That's close to $300,000 saved, in exchange for a payment about $687 higher each month. If that payment fits comfortably, the 15-year is hard to beat.

Monthly Payments on a $350,000 Loan

These are Norada estimates for principal and interest only. Property taxes, homeowners insurance and mortgage insurance would come on top.

Loan Type	Last Monday Payment	Today's Payment	Weekly Difference
30-year fixed	$2,357	$2,352	$5 less
20-year fixed	$2,678	$2,678	No change
15-year fixed	$3,045	$3,039	$6 less
5/1 ARM	$2,329	$2,336	$7 more (first five years)
7/1 ARM	$2,185	$2,303	$118 more (first seven years)

Payment figures are Norada estimates.

That 7/1 ARM row is the one to notice. A week ago it looked like a clever way to shave the payment. Today the same loan costs about $118 more a month, which shows how fast adjustable averages can swing.

Buying vs. Refinancing Today

Zillow's refinance averages for today help put purchase rates in context. The 30-year fixed refinance rate is 7.06%, which is 4 basis points below the 30-year purchase rate. The 15-year fixed works the other way: the purchase rate of 6.45% is 3 basis points lower than the 6.48% refinance rate.

The widest gap is on the 5/1 ARM. The purchase rate is 7.03%, while the refinance rate is 6.78%, a 25 basis point difference. If you already own and are thinking about a refinance, compare the full costs, because fees can eat up a small rate gain fast.

Are ARMs Worth It Right Now?

For most buyers, I'd say not this week. The 5/1 ARM is only 7 basis points below the 30-year fixed, and the 7/1 ARM is just 21 basis points below it. That's a small reward for taking on the chance of a higher rate later.

An ARM works best when the discount is big and you have a clear plan to sell or refinance before the rate resets. Right now, the discount is slim, so the steady fixed loan looks like the safer bet.

A Note for VA Borrowers

The 30-year VA rose to 6.71%, but it's still 39 basis points under the conventional 30-year fixed. On $350,000, that's about $91 less each month, which is a real benefit for eligible veterans and service members.

The 15-year VA tells a different story. It jumped from 6.14% to 6.62% and now sits above the conventional 15-year fixed at 6.45%. If you want a short loan term, ask lenders to quote both options side by side.

The Bigger Picture for November

Freddie Mac's latest weekly survey, released Thursday, October 29, showed the average 30-year rate at 7.24%, its lowest reading of October. Freddie Mac's next survey comes out this Thursday, and it will show whether that slow slide carried into November.

Zillow's economists aren't expecting a quick drop. In its October 28 outlook, Zillow said rates should “ease only gradually, remaining at 7% or higher for the rest of 2026 and 6.5% or higher in 2027.” New jobs and inflation reports could push rates a bit either way, but a big plunge looks unlikely.

My advice stays simple: buy when the home and the payment fit your life. Waiting for a perfect rate can cost you the right house, and you can always look at refinancing later if rates fall.

Which Loan Fits You?

A 15-year fixed may suit you if:

• You can handle a higher monthly payment without stress.
• Paying less interest overall matters most to you.
• You'd like to own your home free and clear sooner.

A 30-year fixed may suit you if:

• You want the lowest fixed payment possible.
• You plan to stay in the home for a long time.
• You want the option to refinance if rates fall later.

An ARM may suit you only if:

• It saves you a meaningful amount compared with a fixed loan.
• You could still afford the payment after a rate reset.

Smart Moves Before You Lock

• Get quotes on the same day. That's the only fair way to compare lenders.
• Look past the rate. Check points and fees on each Loan Estimate.
• Pick a lock period that fits your closing date. Longer locks usually cost more.
• Pay down card balances. A better credit score can earn a better rate.

My Take for Monday, November 2

Today's rates are a carbon copy of yesterday's, but the week still favors fixed-rate buyers. The 30-year fixed at 7.10% and the 15-year fixed at 6.45% are both lower than last Monday. Adjustable and VA loans went the other way, so a plain fixed-rate mortgage remains the steady pick as November gets going.

These figures are a snapshot of Zillow's national averages for Monday, November 2, 2026. Your actual rate depends on your credit score, down payment, loan size and lender, so get a personalized quote before you decide.