A seven-week low at 7.11%, yet the 10-year Treasury yield is climbing again: mortgage relief may not last

The average rate on a 30-year fixed mortgage fell to 7.11% this week, according to Freddie Mac's weekly survey, down from 7.18% last week. It is the fourth straight weekly decline and the lowest reading since the week of Sept. 24, when the average was 7.03%. A year ago the same survey showed 6.24%.

The 15-year fixed averaged 6.45%, down from 6.57% last week and up from 5.49% a year ago, per the same release.

The number behind the number

Freddie Mac's own history file shows the path. The average climbed from 6.66% on Aug. 27 to 7.40% on Oct. 8 and Oct. 15, then slipped to 7.32%, 7.24%, 7.18% and now 7.11%. Four weeks of declines have taken back 29 of the 74 basis points added since late August, so about 39% of the climb has been reversed.

What it does to a payment

Principal and interest only, on a 30-year loan of $400,000 (taxes, insurance and any mortgage insurance are extra):

That is $79 a month below the October peak and $19 below last week. Against a year ago, the same loan costs $231 more every month, about 9.4% higher. On a $300,000 loan the year-over-year gap is $173 a month, and on $600,000 it is $346.

Who feels it

A buyer with a signed contract who locked at the peak is stuck with it unless the lender offers a float-down, so the drop mostly helps people who have not locked yet. A seller with a 3% or 4% mortgage still faces a replacement rate more than three points higher, which is why a quarter-point move does little to free up listings. Our look at this week's home-sales slump covers how that squeeze hits brokerages, movers and furniture stores. For the borrower-side view, see yesterday's piece on mortgage demand.

A caution on the trend

Mortgage rates follow longer-term Treasury yields, and those have not fallen along with them. Treasury's daily par yield curve shows the 10-year at 4.98% on Nov. 10, up from 4.86% on Nov. 6. Freddie Mac's survey reflects loan applications from earlier in the week, so it can lag a move in bond markets by days. If yields keep rising, the next reading may not extend the streak. We will report next Thursday's number when it is out.

Track the daily path of rates on our 10-year Treasury chart and the real estate section.

Sources: Freddie Mac Primary Mortgage Market Survey, Nov. 12, 2026, and its historical data; U.S. Treasury daily par yield curve rates. Payment figures are the Chronicle's calculations on illustrative loan amounts and exclude taxes, insurance and fees. This is market information, not investment advice.