November 2026 rate roundup: the 30-year slips to 7.24%, the Fed holds, and the median-home payment falls to $2,276
Mortgage rates slipped off their 52-week high after the Fed held rates steady, while September inflation ran hotter, so this issue turns the new numbers into payment, lifetime-interest, affordability, and lease-cost tests.
Financial disclaimer: This article is for general information only, not financial, tax, legal, or investment advice. Mortgage, auto-loan, and lease offers vary by credit profile, location, loan size, fees, taxes, insurance, dealer pricing, and lender underwriting. Run your own written quotes before making a purchase or lease decision.Data cutoff: November 2, 2026, 07:00 UTC.
The 30-year fixed mortgage averaged 7.24% in Freddie Mac's October 29 survey, down from 7.32% a week earlier and from 7.40% on October 15, the top of its trailing 52-week range.12 The Federal Reserve held its target range at 3.75%-4.00% on October 28.3 Bankrate's national purchase average the same morning was 7.28% with a 7.34% APR.4
Rates fell while inflation ran hotter. September consumer prices rose 0.6% on the month and 3.7% over the year.5 Bankrate's weekly mortgage column points to a 10-year Treasury yield that dipped to 5% last week after passing 5.3% in late September, with oil above $100 a barrel tied to the war with Iran.4
For a household weighing a purchase this month, the question is concrete. Does the payment fit after taxes, insurance, maintenance, and cash reserves? And would waiting change the arithmetic?
Mortgage benchmarks fell from their October peak
Freddie Mac's survey put the 30-year fixed rate at 7.24% for the week ending October 29, down from 7.32% the prior week and up from 6.17% a year earlier.1 The 15-year fixed rate was 6.60%, down from 6.68% and up from 5.41% a year ago.1 Both sit below the highs they reached this month.
| Freddie Mac benchmark | Oct. 29, 2026 | Prior week | Year ago | Trailing 52-week range |
|---|---|---|---|---|
| 30-year fixed | 7.24% 1 | 7.32% 1 | 6.17% 1 | 5.98%-7.40% 2 |
| 15-year fixed | 6.60% 1 | 6.68% 1 | 5.41% 1 | 5.35%-6.73% 2 |
The 30-year's 52-week low of 5.98% came on February 26, 2026, and its high of 7.40% was set on October 8 and matched on October 15.2 The 15-year bottomed at 5.35% on February 19 and peaked at 6.73% on October 8.2
PMMS averages the rates on conforming, single-family purchase applications that lenders submitted to Freddie Mac from Thursday through Wednesday.1 The figure describes one defined borrower profile, and the rate a household is offered comes from its own lender.
| PMMS survey week | 30-year fixed | 15-year fixed |
|---|---|---|
| Oct. 1, 2026 | 7.28% 2 | 6.60% 2 |
| Oct. 8, 2026 | 7.40% 2 | 6.73% 2 |
| Oct. 15, 2026 | 7.40% 2 | 6.71% 2 |
| Oct. 22, 2026 | 7.32% 2 | 6.68% 2 |
| Oct. 29, 2026 | 7.24% 2 | 6.60% 2 |
The 30-year has fallen in each of the past two surveys and the 15-year in the past three. The 30-year still sits 1.26 points above its February low.
Bankrate's national averages set the quotes borrowers see
Bankrate's national purchase averages as of 6:30 a.m. on November 2 were 7.28% rate / 7.34% APR for a 30-year fixed loan and 6.72% / 6.82% APR for a 15-year fixed loan. The same table showed 7.14% / 7.18% APR for a 30-year FHA loan and 7.04% / 7.09% APR for a 30-year VA loan.4
| Bankrate purchase product | Interest rate | APR | What the row represents |
|---|---|---|---|
| 30-year fixed | 7.28% 4 | 7.34% 4 | National average |
| 15-year fixed | 6.72% 4 | 6.82% 4 | National average |
| 30-year FHA fixed | 7.14% 4 | 7.18% 4 | National average |
| 30-year VA fixed | 7.04% 4 | 7.09% 4 | National average |
The same page carries a daily headline average of 7.27% for the 30-year, down 0.11 point week over week, and 6.71% for the 15-year, down 0.07 point.4 That reading is refreshed on a different schedule from the table above, and it sits 0.01 point lower.
Bankrate's weekly mortgage column, dated October 27, put the 30-year national survey average at 7.39%, down from 7.47% a week earlier.4 The same column reports the 10-year Treasury yield at 5% and oil above $100 a barrel, tied to the war with Iran.4
Adjustable-rate averages moved in mixed directions. The 3/1 ARM averaged 6.22% / 7.03% APR, the 5/1 6.55% / 6.52% APR, the 7/1 6.42% / 6.84% APR, and the 10/1 6.57% / 6.78% APR.6 The 5/1 was the one tracked ARM to rise, from 6.33% a week earlier, and its APR sits below its own note rate as the page published it.6
| Bankrate ARM purchase product | Interest rate | APR | Fixed period before the first scheduled reset |
|---|---|---|---|
| 3/1 ARM | 6.22% 6 | 7.03% 6 | 3 years |
| 5/1 ARM | 6.55% 6 | 6.52% 6 | 5 years |
| 7/1 ARM | 6.42% 6 | 6.84% 6 | 7 years |
| 10/1 ARM | 6.57% 6 | 6.78% 6 | 10 years |
A 5/1 ARM starts 0.73 point below Bankrate's 30-year fixed average. On the loan modeled below, that lower start is $154 a month, and the rate resets after five years to whatever its index, margin, and caps produce.
The median home now carries a $2,276 payment
NAR's September report put the sales pace at 3.99 million homes a year, up 1.5% from August and 2.2% below September 2025.7 The median existing-home price was $417,500, up 1.3% from $412,300 a year earlier and the 39th consecutive month of year-over-year gains.7
Inventory reached 1.60 million units, a 4.8-month supply, and homes took a median 33 days to sell.7 The Housing Affordability Index registered 105.4, down from 106.7 a year earlier.7
The median price fell 2.7% from August's $429,100. NAR compares median prices with the same month a year earlier because seasonal buying patterns distort month-to-month moves.7 A 20% down payment on $417,500 is $83,500, leaving a loan of $334,000. Standard fixed-rate amortization gives these principal-and-interest figures at the two Freddie Mac benchmarks:
| Scenario | Rate | Loan balance | Monthly principal and interest | Interest over full term |
|---|---|---|---|---|
| 30-year fixed | 7.24% 1 | $334,000 | $2,276 | $485,433 |
| 15-year fixed | 6.60% 1 | $334,000 | $2,928 | $193,020 |
The 15-year loan asks for $652 more each month and saves $292,413 in interest if it runs to maturity. Both figures leave out property taxes, homeowners insurance, HOA dues, mortgage insurance, maintenance, closing costs, points, and lender fees.
The 30-year payment equals 34.1% of gross monthly income at $80,000 of annual household income, 27.3% at $100,000, and 22.8% at $120,000. Property taxes and insurance push the housing cost above those shares.
An index reading of 105.4 means median family income sits about 5.4% above the income NAR estimates for a qualifying mortgage on the median-priced home under its assumptions.7 A year earlier the index stood at 106.7.
Two weeks of lower rates are worth $36 a month and $13,084 of full-term interest on the same $334,000 loan, from $498,517 at the 7.40% peak to $485,433 at 7.24%.12
Bankrate's 7.28% average adds $9 a month to the Freddie Mac benchmark figure, at $2,285 and $488,697.4 Price moved alongside the rate: August's median at 7.28% modeled to $2,349 and $502,275, while September's median at 7.24% models to $2,276 and $485,433.17 The combined change is $73 a month, $16,842 over the full term, and $2,320 less at the down payment.
A one-point drop, from 7.24% to 6.24%, would cut the modeled payment by $222, to $2,054, and full-term interest by $79,876. A half-point rise to 7.74% would add $115 a month and $41,150 in interest. Each figure prices one rate, and the next survey reading is unknown.
Auto APRs eased for a fourth week, by about $2 a month
Bankrate's auto-rate table, updated October 28, put the 60-month new-car average at 7.06% and the 48-month new-car average at 6.90%. The 48-month used-car average was 7.47% and the 36-month used-car average 7.30%, and all four fell from the prior week's row.8
| Bankrate loan example | APR | Amount financed | Term | Monthly payment | Interest over full term |
|---|---|---|---|---|---|
| New vehicle | 7.06% 8 | $40,000 | 60 months | $793 | $7,591 |
| New vehicle | 6.90% 8 | $40,000 | 48 months | $956 | $5,888 |
| Used vehicle | 7.47% 8 | $25,000 | 48 months | $604 | $3,998 |
| Used vehicle | 7.30% 8 | $25,000 | 36 months | $775 | $2,913 |
The 60-month new-car average has now fallen for four straight weeks: 7.18% on October 7, 7.14%, 7.13%, then 7.06%.8 On a $40,000 balance that path is worth $2 a month and $136 of interest over five years, from $795 and $7,727 to $793 and $7,591.
Term length moves the bill faster than this month's rate change. The 48-month new-car loan saves $1,703 in interest and asks $163 more each month than the 60-month loan.
Credit history spreads the same balance widest. Experian's State of the Automotive Finance Market puts average second-quarter 2026 new-car APRs between 4.41% for super-prime buyers and 16.11% for deep subprime. Used-car APRs run from 6.29% to 21.62%, and the overall averages are 6.35% and 11.19%.9 Those are the same second-quarter figures Bankrate published in September.9
On a $40,000 60-month balance, 4.41% models to $744 a month and $4,645 of interest, and 16.11% to $975 and $18,504.
Bankrate's 7.47% used-car average covers one term from one lender mix. Experian's 11.19% overall used average covers every term and credit band. On $25,000 over 48 months the two rates model to $604 and $3,998, and $648 and $6,125, a difference of $44 a month and $2,127 in interest.
A lease quote states a money factor, so multiply it by 2,400
Bankrate's lease guide gives the conversion: multiply the money factor by 2,400 to express it as an approximate APR. A money factor of 0.00290 converts to 6.96%, and a 6% APR works back to 0.0025.10
A lease payment covers depreciation plus a finance charge, and the money factor prices only the finance charge. The rest of the quote decides what the payment means: capitalized cost and any cap-cost reduction, residual value, mileage limits, and excess-mileage fees. The acquisition fee, disposition fee, early-termination terms, and cash due at signing belong in the same comparison.10
Two leases with the same monthly payment can differ by thousands of dollars in cash due at signing and in the mileage allowance. Bankrate puts the acquisition fee around $595 to $1,095 and the disposition fee around $300 to $400, both of which sit outside the advertised payment.10
The Fed held, and inflation ran hotter
The Federal Open Market Committee left the target range at 3.75%-4.00% on October 28 by a 10-2 vote. Lisa D. Cook and Beth M. Hammack dissented, preferring a quarter-point increase. The statement described activity as "expanding at a strong pace", called inflation elevated, and said the committee "will deliver price stability".3
September CPI rose 0.6% on the month and 3.7% over the year, while core CPI, which leaves out food and energy, rose 0.3% and 2.6%.5 Gasoline prices were up 34.2% over the year, which kept the headline above the core rate.11
Mortgage rates track Treasury yields more than they track the federal funds rate. Bankrate's column reported the 10-year yield at 5% and oil above $100 a barrel. The same column reported that the Mortgage Bankers Association expects 30-year rates to stay above 7% through 2027.4
Demand already responded to the September climb. NAR's pending home sales index fell 7.3% in September from August and 11.3% from a year earlier, with declines in all four regions. Chief economist Lawrence Yun attributed the drop to fast-rising mortgage rates and said rates "could be topping out".12
The policy rate and the mortgage table answer different questions. The federal funds rate is an overnight target for bank reserves; a mortgage offer reflects Treasury yields, lender funding costs, credit and collateral, fees, and the borrower's own profile.
Buy now or wait: attach the choice to a number
A home purchase fits today's data when the $2,276 30-year payment stays manageable after taxes, insurance, maintenance, closing costs, and a cash reserve. The $2,928 15-year payment trades $652 more a month for $292,413 less lifetime interest. NAR's index of 105.4 is a national benchmark, and a household's income, debts, down payment, and recurring costs settle the actual fit.
Waiting earns its place when the time improves a specific input: a larger down payment, a better credit profile, a lower debt-to-income ratio, or a payment that fits today's income alone. A drop to 6.24% would save $222 a month on the modeled loan. Two committee members voted to raise rates at the last meeting, and the Mortgage Bankers Association expects the 30-year to stay above 7% through 2027.34
For a vehicle, term and credit tier decide more than this month's rate move. The $40,000 60-month loan costs $793 a month at 7.06% and about $975 at Experian's deep-subprime average. A lease needs the money-factor conversion and every fee in writing before its monthly payment carries weight.
Every figure here comes from a rate that changes weekly. Rerun the arithmetic with your own quote, down payment, tax, and insurance numbers on the day you sign.
Financial disclaimer: This article is for general information only, not financial, tax, legal, or investment advice. The payment examples are simplified amortization calculations and leave out taxes, insurance, fees, incentives, dealer markups, maintenance, depreciation, lease residual assumptions, and individual underwriting. Compare actual written offers before borrowing or leasing.
References
- 1Freddie Mac Mortgage Rates
freddiemac.com
- 2Freddie Mac historical weekly PMMS data
freddiemac.com
- 3Federal Reserve issues FOMC statement, October 28, 2026
federalreserve.gov
- 4Current Mortgage Rates: Compare Today's Rates
bankrate.com
- 5CPI Home
bls.gov
- 6Current ARM Loan Rates
bankrate.com
- 7
- 8Auto Loan Rates & Financing in 2026
bankrate.com
- 9Average Auto Loan Interest Rates By Credit Score
bankrate.com
- 10
- 11
- 12Pending Home Sales
nar.realtor
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