Mortgage Rates Decline for Three Straight Weeks as Buyer Demand Stabilizes

National mortgage rates have declined for three consecutive weeks while buyer demand remains muted amid shifting housing inventory, according to reports published across multiple outlets in November 2026.

What are the current mortgage rates?

Freddie Mac reported that the weekly average 30-year fixed-rate mortgage fell to 7.18% as of November 5, down from 7.24% the previous week, according to Real Estate News and Weekly Real Estate News. Simultaneously, CNBC reported that the Mortgage Bankers Association (MBA) survey cited an average contract interest rate of 7.3% for conforming balances of $832,750 or less, down from 7.37%. HousingWire’s live tracker feed listed the 30-year fixed rate at 7.27%.

Additional benchmark rates reported by Weekly Real Estate News as of November 5 include:

• 15-year fixed: 6.57%
• 30-year FHA: 6.89%
• 30-year VA: 6.71%
• 5/1 ARM: 6.29% (down from 6.41%, per CNBC)
• 10-year Treasury: 4.84%

Mike Fratantoni, Senior Vice President and Chief Economist at the MBA, noted that rates drifted down to their lowest level since September 2026 in the wake of the Federal Reserve's decision to hold on additional rate hikes at its October meeting. Furthermore, Fratantoni stated that more borrowers are choosing adjustable-rate mortgages to lower initial payments, bringing the ARM share to its highest level since September 2025.

How is buyer demand responding?

Total application volume dropped 1.2% week-to-week according to the MBA seasonally adjusted index, with purchase applications falling 2% week-over-week and sitting 19% lower year-over-year. Refinance demand remained essentially flat with a 0.1% increase for the week, but stayed 60% lower year-over-year. Pending sales figures also showed downward movement, with Redfin reporting a 0.6% week-over-week decrease for the four weeks ending November 1, and Zillow estimating an annual drop of 16.8% for October.

What is happening with housing inventory?

Active single-family inventory fell week-over-week by 12,093 homes from 914,833 to 902,740, according to Altos Research data cited by HousingWire and Weekly Real Estate News. National median asking prices stood at $429,000, down slightly from $429,900, while the median time on market remained unchanged at 77 days. Industry analysts noted varying annual inventory growth metrics across data providers, with Realtor.com citing an 8.8% year-over-year increase for the week ending October 31, Zillow estimating a 3.4% annual rise, Redfin reporting 2.1%, and Compass/Altos Research estimating a 6.4% increase.

What comes next for the housing market?

The market faces several upcoming data releases and economic catalysts, including the monthly jobs report, nonfarm payrolls, and CPI/PPI inflation reports tracked by HousingWire and Real Estate News. Matthew Graham, Chief Operating Officer at Mortgage News Daily, noted that tech stock volatility and stronger labor market data could influence bond yields and the pace of future rate movements.