Mortgage Rates Today, November 2, 2026: 30-Year Rates Remain Unchanged at 7.28%

Mortgage rates are unchanged from Friday and over 7.00%. Today’s national average on a 30-year fixed-rate mortgage is 7.28%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 6.72%.

Mortgage rates fell slightly at the end of October from around 7.50% earlier in the month. They followed the trend of the 10-year Treasury yield, which is considered a leading indicator for mortgage rates.

The Federal Reserve voted at its Oct. 28 meeting to maintain the current federal-funds rate of 3.75% to 4%. While the Fed doesn’t directly set mortgage rates, its federal-funds rate often affects other interest rates.

Despite the Fed’s decision to hold the rate steady, two committee members voted to increase the rate a quarter point. Additionally, experts project the Fed will increase rates at its next meeting, according to CME FedWatch.

When you’re shopping for a mortgage, getting multiple rate quotes is always a smart move—but when rates are high, it becomes even more vital. A recent Bankrate study found that homeowners who don’t shop around typically pay an extra $78,000 over the life of the loan compared to buyers who request multiple quotes. Apply with at least three different mortgage lenders to compare rates and overall costs to ensure you’re getting the best deal available.

Top mortgage rates today

Current mortgage rates are down from Friday and lower than they were seven days ago. They remain relatively high as fears around stubborn inflation have kept the Federal Reserve from lowering its benchmark rate throughout 2026.

Mortgage rates change regularly, so compare offers and consider the personal and market factors that influence your quoted mortgage rate.

Today's mortgage rates by loan type

Today's refinance mortgage rates by loan type

Historic mortgage rate trends

Interest rates trended downward in mid-2025 after several extreme rate fluctuations. The pattern continued into late February 2026 when rates fell below 6.00%, hitting their lowest point in over three years. However, the momentum was short-lived. In the months since then, rates have increased significantly, rising to 7.50% in October for the first time in nearly three years. At the end of October, rates sat in the 7.30% range.

In early 2022, the average 30-year fixed rate was 4.72% and the 15-year fixed rate was 3.91%. Rates reached a recent peak in late 2023 at 7.79% for 30-year fixed-rate mortgages and 7.03% for 15-year fixed-rate mortgages. 

While the current rates represent relatively recent highs for mortgage rates, average 30-year rates peaked above 16% in the early 1980s. The lowest-ever 30-year fixed rate, slightly below 3%, appeared in 2021.

Factors influencing current mortgage rates

Today’s mortgage rates are influenced by economic and market conditions, as well as personal factors. The rate you’re quoted by a lender might be higher or lower than the national average. Here are some of the items considered when calculating your mortgage rate:

• 10-year Treasury yield: Current mortgage rates, especially on a 30-year fixed-rate mortgage, are related to movements in the 10-year Treasury yield. 
• Mortgage-backed securities: The rate investors earn on mortgage-backed securities also plays a role. Spreads between mortgage-backed securities and Treasury yields, as well as between what lenders offer borrowers and mortgage-backed security rates, impact current mortgage rates.
• Investor sentiment: Perceptions about fiscal policy and economic conditions can affect how Treasuries move, as well as how much risk lenders feel comfortable taking on.
• Personal credit history: The information in your credit report and your credit score influences your mortgage rate quote. Lenders examine your credit score and history to determine how likely you are to repay a mortgage. 
• Down payment: Your mortgage rate might be lower if you make a larger down payment. Though you can put down as little as 3% for a conventional loan if your lender allows it, you’re likely to qualify for a better interest rate if you have a down payment of at least 20%.
• Points paid: Mortgage points, also known as discount points, are fees paid upfront as a way to directly reduce your rate and lower your monthly payments. Each point, which represents 1% of your loan amount, can potentially reduce your rate by up to 0.25 percentage points.
• Loan term: A 15-year mortgage rate is usually lower than a 30-year rate because it poses less risk to the lender. If you opt for a shorter loan term, you might qualify for a lower interest rate—and pay off your home sooner—but you’ll likely have higher monthly payments.

How to choose the right mortgage for your financial goals

When considering a mortgage, review your financial situation and goals. Often, 30-year fixed-rate mortgages are chosen because they spread a large payment over a longer period of time, making monthly payments more affordable. Even though the loan costs more overall, it might be more affordable on a day-to-day basis.

If your goal is to become debt-free sooner while paying less interest and you can afford a higher monthly payment, a shorter-term loan might make sense. Let’s say you get a $350,000 loan. Here’s what you might pay with different mortgage terms:

• 30-year loan (7.06%): Monthly payment of $2,342.68 and total interest amount of $493,364.55
• 20-year loan (6.97%): Monthly payment of $2,707.25 and total interest amount of $299,739.33
• 15-year loan (6.39%): Monthly payment of $3,027.75 and total interest amount of $194,995.14
• 10-year loan (6.27%): Monthly payment of $3,933.34 and total interest amount of $122,001.14

Keep in mind that these calculations reflect only what you’re likely to pay for monthly principal and interest. You also need to budget for homeowners insurance and property taxes, which can vary significantly depending on where your property is located and the type of home you buy. If your property has a homeowners association, you might also owe monthly dues. 

You also should factor the cost of utilities, regular maintenance and surprise repairs into your budget as you shop for a mortgage. Make sure you have enough room in your budget to cover the regular monthly payment in addition to the cost to maintain your home. A 10- or 15-year loan can help you build equity faster and pay off your mortgage sooner, but it might not be the best choice if the monthly payment would strain your budget too much. 

One strategy might be to choose a longer loan, but make extra payments to pay down the debt faster and reduce the amount of interest you pay. With this approach, you can choose to pay extra each month, but if you need to cut back due to an emergency, you can revert to the required lower monthly payment with a lower risk of not being able to meet the obligation. If you lock into a shorter loan term with a higher payment, you can’t scale back payments later without risking the loss of the home.

What will happen to mortgage rates in 2027?

Early in 2026, mortgage projections suggested that rates would continue their downward trajectory throughout 2026 and 2027, but they quickly changed direction after the conflict in Iran caused mortgage rates to spike. Since then, rates have increased considerably. The Fed elected to raise the federal-funds rate at its September meeting after holding it steady for most of the year, but maintained the current rate at its October meeting.

Fannie Mae’s latest forecast projects that mortgage rates will remain in the 7.50% range throughout 2027. Many experts are predicting one more rate increase at the Fed’s December meeting.