Freddie Mac’s weekly survey put the average 15-year fixed mortgage rate at 6.45% on Nov. 12, 2026, down from 6.57% the week before. A year earlier the 15-year averaged 5.49%, so borrowers who want the shorter loan still pay close to a full percentage point more. The 30-year fixed fell to 7.11% from 7.18% in the same release.
Freddie Mac headlined the report “Mortgage Rates Decline for Fourth Consecutive Week” and said rates reached their lowest level in seven weeks. The release carries no comment from a named economist, so the figures themselves carry the news.
The Nov. 12 figures side by side
The Primary Mortgage Market Survey lists both loan terms. The 30-year fixed averaged 7.11% as of Nov. 12, 2026, against 7.18% the week before and 6.24% a year earlier. The 15-year averaged 6.45%, against 6.57% the week before and 5.49% a year earlier.
Freddie Mac’s weekly archive shows how the slide has gone. The 30-year read 7.24% on Oct. 29, 7.18% on Nov. 5 and 7.11% on Nov. 12, each a step down. The 15-year went from 6.60% to 6.57% to 6.45%, and its latest drop of 0.12 points is larger than either of the two before it.
The 15-year’s rate discount to the 30-year is smaller than a year ago: 0.66 points on Nov. 12, against 0.75 points. Borrowers choosing the shorter term to cut interest cost get a slightly thinner rate break than they did then, and the monthly payment on the shorter loan stays the larger of the two.
The question for borrowers is whether a lower number changes a decision. Anyone shopping for a purchase loan, weighing a refinance of an older loan or thinking about paying a mortgage off sooner is comparing against these averages. The Nov. 12 drop is small in dollars, and the year-over-year gap is the larger fact.
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What a 6.45% 15-year loan costs a month
An illustration shows the scale. On a $300,000 loan, principal and interest at 6.45% for 15 years comes to about $2,605 a month. At the prior week’s 6.57% it was about $2,625, so the weekly slide saves roughly $20. At last year’s 5.49% the payment would be about $2,450, which is about $155 less than at the Nov. 12 rate.
Over the life of that 15-year loan, interest at 6.45% adds up to about $168,900. A 30-year loan of the same size at 7.11% costs about $2,018 a month in principal and interest, and about $426,500 in interest over 30 years. The shorter loan carries a higher monthly payment and a much smaller total interest bill. These are arithmetic examples, not offers, and exclude taxes and insurance.
The year-ago comparison adds to the picture. A 30-year at 6.24% on the same $300,000 would have been about $1,845 a month, roughly $173 less than at 7.11%. Rates have fallen four weeks running without getting back to those levels.
What the survey measures and what it leaves out
Freddie Mac changed how the survey works, and its explanation of the enhanced survey spells out the rules. The rates come from loan applications submitted to Freddie Mac’s automated underwriting system, Loan Product Advisor. Only conventional, conforming, single-family, owner-occupied purchase loans on 30-year or 15-year fixed terms are counted.
The typical borrower in the survey puts 20% down and has excellent credit. The filters are a loan-to-value ratio of 75% to 80% and a FICO score of 740 or higher. A borrower with a smaller down payment or a lower score should expect a different rate than the average shows.
Points and fees are not reported, because the underwriting system does not capture discount points or origination fees. The rate is measured at the application stage, not at closing or rate lock, and not every application ends in a loan. Lenders’ quoted rates can differ from the survey average on any given day.
Each weekly figure covers applications from the prior Thursday through the following Wednesday. Freddie Mac publishes it on Thursdays at noon Eastern, or on Wednesday when a holiday falls on a Thursday. A rate sheet at a lender can move away from the average within the week.
Four drops in a row, and a rate still near 7%
The 30-year average sits at 7.11%, nearly a point above the 6.24% of a year earlier. The 15-year sits nearly a point above its year-ago level too. Four drops in a row have not erased last year’s gap, so the current rates remain high by the standard of the past twelve months.
Homeowners whose current loan carries a lower rate than these averages have no rate reason to refinance. For a buyer, a weekly drop of 0.07 points on the 30-year changes the payment by only a few dollars on a typical loan. The weekly series is the measure to watch, and the year-over-year gap is the number that keeps affordability tight.
Rates also move with the market between survey weeks. Anyone planning a purchase or refinance can ask a lender for a written quote and compare it with the 6.45% and 7.11% averages, remembering that the survey assumes 20% down and a FICO score of 740 or higher. A quote well above the average can reflect a smaller down payment, a lower score or points.
Is the mortgage the only housing cost worth cutting?
The stake for homeowners and buyers sits beyond the rate. A mortgage at 6.45% or 7.11% is one line in a household’s housing costs, next to property tax, insurance and upkeep, and those lines rise whatever Freddie Mac’s survey does.
Cut Your House Costs puts ten moves in one place, including a lower home insurance bill by shopping and asking for every discount, and home equity options compared, from a HELOC to a reverse mortgage. A reader weighing a refinance can see those options side by side before choosing.
The kit also includes the home-cost audit worksheet, which lists each housing cost so the mortgage rate can be judged against the rest of the bill.
Audit every house cost with the home-cost worksheet →
This article was produced with AI assistance and edited for accuracy against the sources linked above.
