Mortgage and refinance interest rates today, Tuesday, November 3, 2026: Mortgage rates continue to move lower ahead of election day

According to Zillow rate data provided to Yahoo Finance, mortgage rates have moved lower ahead of the midterm elections today.

The average 30-year fixed purchase rate today, Tuesday, November 3, 2026, is 7.07%, down 3 basis points since yesterday and 16 basis points since last week. The 15-year fixed purchase rate is currently 6.43%, down 2 basis points from yesterday and down 17 basis points since last week. The 5/1 ARM is 6.64%, down 39 basis points from Monday and 52 basis points since last week.

The average 30-year, 15-year, and 5/1 ARM refinance rates are also down from yesterday and last week. Compared to yesterday, the 30-year, 15-year, and 5/1 ARM refinance rates are down 1, 2, and 9 basis points, respectively.

Read more: Weekly survey of mortgage lenders with the lowest rates: 3 lenders remain below 7%

Here are the current mortgage rates today, Tuesday, November 3, 2026, according to the latest Zillow data:

• 30-year fixed: 7.07%

• 20-year fixed: 6.82%

• 15-year fixed: 6.43%

• 5/1 ARM: 6.64%

• 7/1 ARM: 6.58%

• 30-year VA: 6.37%

• 15-year VA: 5.95%

• 5/1 VA: 6.12%

Today's mortgage refinance rates

These are today's mortgage refinance rates, Tuesday, November 3, 2026, according to the latest Zillow data:

• 30-year fixed: 7.05%

• 20-year fixed: 6.79%

• 15-year fixed: 6.46%

• 5/1 ARM: 6.69%

• 7/1 ARM: 6.79%

• 30-year VA: 6.62%

• 15-year VA: 6.05%

• 5/1 VA: 6.17%

Learn more: See our top picks for the best mortgage lenders right now

Yahoo Finance mortgage calculator

Yahoo Finance's mortgage calculator can help you see how various mortgage rates and terms will affect your monthly payments. Use the mortgage calculator below to see how your monthly and overall costs change as rates change.

You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy as you shop for homes and lenders. It also considers factors like property taxes and homeowners insurance when calculating your estimated monthly mortgage payment. This gives you a better idea of your total monthly payment than looking only at the mortgage principal and interest.

30-year vs. 15-year fixed mortgage rates

Generally, 15-year mortgage rates are lower than those for 30-year mortgages. When comparing 15- versus 30-year mortgage rates, know that the shorter term will save you money on interest in the long run. However, your monthly payments will be higher because you're paying off the same loan amount in half the time.

For example, with a $400,000 mortgage, a 30-year term, and a 7.07% rate, you'll make a monthly payment of about $2,680 toward your mortgage principal and interest. Over the life of the loan, you'll pay $564,815 in total interest.

For example, if you get a $400,000 15-year mortgage at a 6.43% rate, you'll pay about $3,465 monthly toward principal and interest. However, you'll only pay $223,640 in interest over the years.

If that 15-year mortgage payment is too high, remember you can always make extra payments on your 30-year loan to pay it off faster and ultimately pay less interest.

Fixed-rate vs. adjustable-rate mortgages

With a fixed-rate mortgage, your rate is locked in from day one. However, you will get a new rate if you refinance your mortgage.

An adjustable-rate mortgage keeps your rate the same for a specified period. Then, the rate will increase or decrease depending on several factors, such as the economy, and the maximum amount your rate can change according to your contract. For example, with a 7/1 ARM, your rate would be locked in for the first seven years, then adjust annually for the remainder of your term.

Adjustable rates sometimes start lower than fixed rates, but once the initial rate-lock period ends, you risk your interest rate going up. ARM rates have also been starting higher than fixed rates recently, so you may not always get a rate break.

Learn more: Determine how to choose between an adjustable-rate vs. fixed-rate mortgage

Mortgage rates today: FAQs

What is today's 30-year fixed rate?

According to the Zillow lender marketplace, the average 30-year fixed rate is 7.07%, down 3 basis points since yesterday and down 1 basis point since last week.

Will mortgage rates go down in 2026?

According to the latest forecasts, the MBA expects the 30-year mortgage rate to average 7.3% in the fourth quarter. Fannie Mae expects an average of 7.4%.

How low could mortgage rates go by 2027?

Mortgage rates are likely to remain little changed in 2027. The MBA forecasts 30-year fixed rates at 7.2% for most of 2027. Fannie Mae predicts an average rate of 7.5% for all of 2027.

Methodology

The interest rates provided by the Zillow Lender Marketplace are national averages rounded to the nearest hundredth. The rates featured in today's daily rate article were provided to Yahoo Finance the previous day. The rates in this article are current as of November 2, 2026, at 1:44 p.m. ET.