Mortgage Rates Today, November 3, 2026: 30-Year Refinance Rate Drops by 11 Basis Points

Tuesday's refinance news is a welcome one. Zillow reports the national 30-year fixed refinance rate at 7.40% on November 3, 2026. That's 11 basis points lower than the previous week's average of 7.51%, and Zillow says the rate held stable from its prior reading.

The shorter and adjustable loans are calm too. Zillow puts the 15-year fixed refinance rate at 6.41%, also stable, and the 5-year ARM refinance rate at 6.62%. An 11 basis point weekly drop may sound small, but on a big loan it adds up to real money over time. Below, I'll turn today's rates into monthly dollars and help you decide whether this is a good week to make a move.

Here's where Zillow's national refinance averages stand this Tuesday:

Refinance Loan	Zillow Rate, Nov 3	What Zillow Reported
30-Year Fixed	7.40%	Stable; down 11 bps from last week's 7.51% average
15-Year Fixed	6.41%	Stable
5-Year ARM	6.62%	Equal to 6.62%

Source: Zillow. Rates as of November 3, 2026.

Curious what 7.40% would mean for your own monthly budget? Try our mortgage calculator further down this page.

What stands out on Tuesday's board:

• The week is the headline: the 30-year sits 11 basis points under last week's 7.51% average, a clear move in the right direction for borrowers.
• The 15-year is the cheapest rate: at 6.41%, it costs 99 basis points less than the 30-year fixed.
• The ARM costs more than the 15-year: 6.62% is 21 basis points above the 15-year fixed, so the adjustable loan only wins on monthly payment, not on rate.

Source: Zillow

What an 11 Basis Point Drop Means in Dollars

A basis point is one hundredth of a percent, so 11 of them equal 0.11%. Let's put that on a $400,000 refinance with a new 30-year fixed loan. Counting only principal and interest, Norada estimates:

• At last week's 7.51% average: about $2,800 per month
• At Tuesday's 7.40%: about $2,770 per month

That's roughly $30 back in your budget every month. Stretch it across the full 30 years and the savings come to about $10,800. Picture a slow leak in a tire: you barely notice a single day, but over a long trip it makes a big difference. Small rate moves work the same way on a 30-year loan.

Still, keep it in perspective. Your credit score, the fees a lender charges, and whether you pay points can swing your quote by more than 11 basis points. Use Tuesday's number as a starting line, not a final price.

The 15-Year Fixed at 6.41%: Bigger Payment, Huge Interest Savings

If you can handle a higher bill, the 15-year fixed is the rate to study this week. On a $400,000 loan at 6.41%, Norada figures a monthly payment of about $3,465. That's roughly $695 more each month than the 30-year at 7.40%.

Here's the payoff for that extra effort. Total interest on the 15-year loan comes to about $223,600. The 30-year loan at 7.40% racks up about $597,000 in interest. That gap, close to $373,000, is what you save by finishing the loan in half the time. For a household with steady income and a solid emergency fund, that's hard to ignore.

30-Year Fixed vs. 15-Year Fixed vs. 5-Year ARM

With a 5-year ARM, your starting rate stays locked for the first five years. After that, it can adjust once a year based on the market, and the loan usually runs 30 years in total. Here's how Tuesday's three choices stack up on a $400,000 refinance:

Loan Option	Zillow Rate	Est. Monthly Payment	Est. Balance After 5 Years
30-Year Fixed	7.40%	$2,770	$378,090
5-Year ARM (30-Year Payoff)	6.62%	$2,560	$374,960
15-Year Fixed	6.41%	$3,465	$306,360

Norada estimates based on Zillow's November 3, 2026 refinance rates; principal and interest only, rounded.

The ARM gives you the smallest payment, about $210 a month less than the 30-year fixed. That can be a smart fit if you plan to sell or refinance before the five years are up. The risk is simple: no one knows what rates will look like when that fixed stretch ends in late 2031, and your payment could climb.

The 15-year fixed, on the other hand, carries a lower rate than the ARM and never resets. Five years in, you'd owe about $71,700 less than with the 30-year fixed. If your budget can stretch, that's a strong way to build equity fast.

Should You Refinance This Week?

The rate on your current mortgage matters more than any single day's average. Run through this quick check.

A refinance could pay off if:

• Your current rate is clearly higher than 7.40%. A $400,000 loan at 8.00% runs about $2,935 a month, roughly $166 more than at Tuesday's 30-year average.
• You plan to keep the home and the new loan long enough to recover your closing costs.
• Your adjustable loan is about to reset and you'd rather have a payment that never changes.

It may be better to wait if:

• You already have a rate below today's averages. Swapping a cheap loan for a more expensive one rarely makes sense unless you need to pull cash out.
• A move or sale is likely before your monthly savings cover the upfront fees.

To find your break-even point, divide your closing costs by what you save each month. Using the 8.00% example, $8,000 in costs divided by $166 a month is about 48 months, or four years. Stay in the loan longer than that, and the refinance has paid for itself.

Who Gains the Most From This Week's Drop

The bigger your loan, the more an 11 basis point drop is worth. On a $200,000 refinance, the savings are about half of the $30 we saw above, so roughly $15 a month. On an $800,000 loan, they double to about $60 a month. Homeowners with larger balances, longer plans to stay put, and rates well above 7.40% get the most out of a week like this one. If your loan is small or you may move soon, the gain is modest, and fees can easily eat it up.

What Could Push Refinance Rates Up or Down

A few forces will shape where refinance rates head through November:

• Bond market: Refinance rates tend to track the 10-year Treasury yield. Lower yields usually mean lower mortgage rates.
• Jobs data: Strong hiring can keep rates elevated, while a cooling job market often lets them ease.
• Inflation: Slower price growth gives rates room to fall; a hot reading can push them back up.
• Federal Reserve signals: The Fed doesn't set mortgage rates directly, but its view of the economy influences how lenders price long-term loans.

Trying to catch the exact low point is a guessing game. Focus instead on the things you control, like your credit, your equity, and how long you'll keep the loan.

How to Land a Rate Below the Average

• Treat Zillow's rate as a benchmark: it's a national average. Your offer depends on your credit, your loan-to-value ratio, and the loan you choose.
• Compare at least three Loan Estimates: request them on the same day so the rates and fees are a fair match.
• Clean up your credit: paying down card balances and fixing report errors can earn you a better rate.
• Do the math on points: buying down your rate pays off only if you keep the loan for years.

When a rate looks good, ask about a lock. Locking for 30 or 45 days protects you while the paperwork gets done, so a surprise jump next week won't undo this week's 11 basis point gain. Ask up front whether a longer lock comes with a fee.

My Take on Tuesday's Refinance Rates

An 11 basis point weekly drop on the 30-year is good news, and a 15-year rate of 6.41% gives disciplined borrowers a real shot at big interest savings. Even so, a refinance works only when it fits your own numbers. Grab your latest mortgage statement, collect a few same-day quotes, work out your break-even month, and let those numbers guide your decision.