Today’s Mortgage Rates, November 3: 30-Year Fixed Falls by 16 Basis Points in a Week

Tuesday brought the kind of rate news buyers have been waiting for. On Tuesday, November 3, 2026, Zillow's average 30-year fixed purchase rate is 7.07%, down 3 basis points from Monday and 16 basis points lower than a week ago. The 15-year fixed slipped to 6.43%, and the 5/1 ARM made the biggest move of all, falling 39 basis points in a single day to 6.64%.

After a quiet Monday where the numbers barely budged, every major loan type moved lower today. Shorter loans, adjustable loans and VA loans all got cheaper, and the 30-year fixed is now closing in on the 7% mark. Below, I'll show you what these drops mean in real dollars, why the ARM suddenly deserves a second look, and how to decide which loan fits your plans.

Zillow Purchase Rates for Tuesday, November 3, 2026

Here's how today's national averages stack up against Monday, November 2:

Loan Type	Today (Nov 3)	Monday (Nov 2)	Daily Change
30-year fixed	7.07%	7.10%	Down 3 bps
20-year fixed	6.82%	6.83%	Down 1 bp
15-year fixed	6.43%	6.45%	Down 2 bps
5/1 ARM	6.64%	7.03%	Down 39 bps
7/1 ARM	6.58%	6.89%	Down 31 bps
30-year VA	6.37%	6.71%	Down 34 bps
15-year VA	5.95%	6.62%	Down 67 bps
5/1 VA	6.12%	6.38%	Down 26 bps

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

Plug today's 7.07% into our payment calculator near the end of this article to see your full monthly cost, taxes and insurance included.

A few things stand out on today's board:

• Every rate fell. All eight Zillow purchase averages are lower than they were on Monday.
• The weekly trend is real. The 30-year fixed is down 16 basis points from last week, the 15-year fixed is down 17, and the 5/1 ARM is down 52.
• A VA rate slipped under 6%. The 15-year VA dropped to 5.95%, the lowest rate in the table.
• Refinance rates eased too. Zillow's 30-year, 15-year and 5/1 ARM refinance averages are down 1, 2 and 9 basis points from Monday.

In case you're new to the term, a basis point is one hundredth of a percentage point. A 16 basis point drop takes a 7.23% rate down to 7.07%.

What 7.07% Looks Like on a $400,000 Loan

Let's run the numbers on a $400,000 loan. At today's 7.07%, principal and interest come to about $2,680 a month. On Monday, at 7.10%, that same loan cost about $2,688. Compared with last week's 7.23%, the payment was about $2,723.

So in one week, a buyer with this loan size saves roughly $43 a month, or a little over $500 a year. That's a tank of gas or a utility bill every month, just from waiting seven days. Small weekly drops can add up quickly when they keep coming in the same direction.

Why the 5/1 ARM Suddenly Matters

Yesterday I said ARMs weren't worth the risk because the discount was so thin. Today that changed. The 5/1 ARM at 6.64% now sits 43 basis points below the 30-year fixed, and the 7/1 ARM at 6.58% sits 49 basis points below it.

On a $400,000 loan, the 5/1 ARM payment is about $2,565, roughly $115 less than the 30-year fixed. The 7/1 ARM comes in around $2,549, about $131 less. Over the first five years, the 5/1 ARM could save close to $7,000.

Here's the catch. After the fixed period ends, the rate can reset higher. An ARM is like renting a lower rate for a few years. It works well if you're fairly sure you'll sell or refinance before the reset, and it can hurt if you end up staying longer than planned.

The 15-Year Fixed Still Wins on Total Interest

The 15-year fixed dipped to 6.43%. On $400,000, that's a monthly payment of about $3,469, about $789 more than the 30-year fixed.

That higher payment buys you a lot. Over the full term, you'd pay about $224,000 in interest on the 15-year loan. The 30-year at 7.07% would cost about $565,000 in interest. That's a difference of roughly $340,000. If your budget can handle the larger payment, few money moves save more.

Estimated Payments on a $400,000 Loan

These Norada estimates cover principal and interest only. Taxes, insurance and any mortgage insurance would be added on top.

Loan Type	Monday Payment	Today's Payment	Daily Difference
30-year fixed	$2,688	$2,680	$8 less
20-year fixed	$3,061	$3,058	$3 less
15-year fixed	$3,473	$3,469	$4 less
5/1 ARM	$2,669	$2,565	$104 less (first five years)
7/1 ARM	$2,632	$2,549	$83 less (first seven years)
30-year VA	$2,584	$2,494	$90 less

Payment figures are Norada estimates.

Good News for VA Borrowers

Veterans and service members had a great day. The 30-year VA fell to 6.37%, which is 70 basis points under the conventional 30-year fixed. On $400,000, that works out to about $186 less per month than a regular 30-year loan.

The 15-year VA is even more striking at 5.95%. A rate starting with a 5 is something many buyers haven't seen in a while. If you qualify for a VA loan and can manage a shorter term, this is worth a serious look. Ask a few lenders for VA quotes, since not every lender prices these loans the same way.

What This Means if You Already Own a Home

Refinance rates moved down as well, though by less than purchase rates. Zillow's 30-year refinance average dropped 1 basis point from Monday, the 15-year dropped 2, and the 5/1 ARM dropped 9.

Those are small moves. If you're thinking about a refinance, focus on your break-even point. Divide your total closing costs by your monthly savings to see how many months it takes to come out ahead. If you'll stay in the home longer than that, a refinance may make sense.

Where Rates Could Go Next

Freddie Mac releases its weekly mortgage survey on Thursday. Its last reading, from October 29, put the 30-year average at 7.24%. Thursday's number will show whether the slide we're seeing in Zillow's daily data shows up there too.

Zillow's own forecast still calls for slow progress, with rates staying at 7% or higher through the rest of 2026. Upcoming jobs and inflation reports could nudge rates up or down, but a sudden plunge isn't in the cards. That's why I wouldn't hold off on a home you love just to chase a lower rate. You can always refinance later if rates fall further.

How to Pick the Right Loan Today

Consider the 30-year fixed if:

• You want the lowest payment that never changes.
• You expect to keep the home for many years.

Consider the 15-year fixed if:

• A bigger payment fits easily in your budget.
• Cutting total interest is your top goal.

Consider a 5/1 or 7/1 ARM if:

• You plan to move or refinance within five to seven years.
• You could still afford the payment if the rate resets higher.

Steps to Take Before You Lock

• Compare at least three lenders on the same day. Rates change daily, so same-day quotes are the only fair test.
• Read the Loan Estimate closely. Points and fees can erase a lower rate.
• Match your lock to your closing date. A lock that's too short can cost you if closing slips.
• Protect your credit. Avoid new cards or big purchases until after closing.

My Take for Tuesday, November 3

This is a welcome day for buyers. The 30-year fixed at 7.07% now sits 16 basis points below last week's level, and the 5/1 ARM's 39 basis point drop finally makes adjustable loans worth a fresh look for people with a short timeline. VA borrowers have the best deal of all, with the 15-year VA under 6%.

These figures are a snapshot of Zillow's national averages for Tuesday, November 3, 2026. Your rate will depend on your credit score, down payment, loan amount and lender, so get personalized quotes before you commit.