What Freddie Mac's 7.18% Rate Really Measures

What is the mortgage rate this week, and what does the number mean?

Freddie Mac's survey put the average 30-year fixed rate at 7.18% as of November 5, 2026. The week before it was 7.24%. It is a national average of one kind of loan, so it is a guide, not a quote.

The Mike Webb Team (Mike and Claudia Webb, RE/MAX Allegiance) helps homeowners in Arlington, Northern Virginia, Maryland, and Washington, DC get their homes ready to sell and sold.

From Freddie Mac's Primary Mortgage Market Survey, as of 11/05/2026:

• 30-year fixed: 7.18% (7.24% the week before, 6.22% a year ago)
• 15-year fixed: 6.57% (6.60% the week before, 5.50% a year ago)

Freddie Mac says rates fell for the third week in a row. You can read the full release on the Freddie Mac Primary Mortgage Market Survey page.

Freddie Mac says the rates are based on data from its Loan Product Advisor, using loan applications that lenders send in from across the country. They are weekly conventional home purchase loans that meet conforming loan limits. The lenders are a mix of credit unions, commercial banks and mortgage lending companies. Source: Freddie Mac, About PMMS.

Since November 2022, Freddie Mac has used this application data instead of surveying lenders by phone. Before that change, the survey asked lenders for their most popular loans. The same page says adjustable rates and fees and points are no longer published.

Freddie Mac describes its borrower profile as "good/excellent credit, 20% loans," for home purchase loans on owner-occupied one-unit single-family homes. It also says fees and points are not published, because lenders are not always required to provide them. So the survey does not show your total cost. It also does not cover adjustable-rate loans or the larger loans that sit above the conforming limit.

Not exactly. Freddie Mac says the result is an average of rates offered from Thursday through Wednesday, and it is released on Thursdays at 12 p.m. ET. If a holiday falls on a Thursday, the release moves to Wednesday. Thanksgiving is Thursday, November 26, so expect that week's number on Wednesday, November 25. The next release is Thursday, November 12.

The CFPB says credit score, down payment and loan type all affect the rate you are offered, and a shorter loan term generally gets a lower rate. Its tool shows how different rates change what you pay: CFPB, Explore interest rates. In the CFPB's example, a $400,000 house with 10% down, loan offers for a 625 credit score ranged from 6.125% to 8.875%, while offers for a 700 score ranged from 5.875% to 8.125%. Those are the CFPB's example ranges, not today's quotes, but they show how wide the spread can be around any national average.

Ask a lender for a written estimate based on your own numbers.

Here is simple math on a $360,000 loan, which is a $400,000 home with 10% down. These are principal and interest only, and they leave out taxes, insurance and any mortgage insurance. Our own arithmetic, not a quote:

• 30-year at 7.18%: about $2,439 a month
• 30-year at 7.24% (last week's average): about $2,453 a month, which is about $15 more
• 15-year at 6.57%: about $3,150 a month
• 30-year at 7.5%: about $2,517 a month
• 30-year at 8%: about $2,642 a month

Two things stand out. A small weekly move changes the payment by about the cost of a few lunches. And the 15-year loan has the lower rate but the higher payment, by roughly $700 a month in this example, because you pay the loan off faster. The CFPB makes the same point about loan terms.

Ask each lender for a written estimate on the same day, for the same loan type, the same term and the same down payment. Then compare three lines: the rate, the points and fees, and the monthly payment. A lender whose rate is a little above the weekly average may charge fewer points, and one below it may charge more. Because Freddie Mac does not publish fees and points, only the written estimates can show you which offer costs less. Keep the weekly number as your yardstick for direction, and let the estimates decide the choice.

Use the weekly number to see which way rates are moving, not to plan your budget to the penny. Look at your monthly budget at today's rate and at a rate a little higher. If both work, you can shop with more confidence. Read Buy Now or Wait for Rates to Drop? Arlington VA and Mortgage Rates Dipped to 7.24%: What It Means in Arlington.

Will rates keep falling?

Nobody can say. Freddie Mac reports what happened in the past week. It does not predict the next one.

Is a 15-year loan cheaper?

Its rate is lower, but the monthly payment is higher because you pay the loan off faster. The CFPB makes the same point.

Do sellers need to watch rates?

Buyers count every dollar of the payment, so yes. A well-prepared, well-priced home gives them a reason to act.

Call or text Claudia at 703-350-3884 or visit claudiawebb.com.

The Mike Webb Team, RE/MAX Allegiance. Arlington, Virginia. Equal Housing Opportunity.