I’m Dat, and this page is here to do one thing: explain mortgage rates in plain English, with real numbers, so you can judge what a rate actually costs you. No sales pitch, no “lock now” urgency — just the math, the context, and the calculators to run your own numbers.
The current number
As of Freddie Mac’s Primary Mortgage Market Survey for the week of November 5, 2026, the average 30-year fixed-rate mortgage was 7.18%, down from 7.24% the week before. A year ago, the same average was 6.22%. The survey’s 15-year fixed-rate average that week was 6.57%, down from 6.60% the week before (5.67% a year ago). Source: Freddie Mac, Primary Mortgage Market Survey.
Read that as a national weekly average, not a quote for you. Your rate depends on your credit score, down payment, loan type, and whether you pay points — so two buyers can get different rates on the same day. This page needs a manual update when a new survey week comes out, so check the week date above before you use the number.
What a rate quote actually means
A rate is the price of borrowing the money, charged as a percentage of the loan balance each year. On a 30-year fixed-rate mortgage, the rate — and the principal-and-interest part of your payment — stays the same for the life of the loan, even if rates move up or down after you close. That fixed part is only one piece of the payment, though: tax, insurance, and mortgage insurance are billed with it, so a quote that only shows principal and interest is not your monthly payment. A quote also usually assumes a specific credit score, down payment, and loan amount, and it may or may not include points — so compare quotes by asking for the rate, the points, and the full monthly payment, all on the same assumptions.
What moves rates
Mortgage rates mostly follow the bond market, not the daily headlines about the Federal Reserve — when investors expect higher inflation or stronger economic growth, bond prices fall and mortgage rates usually rise, and when the outlook cools, rates usually ease. The Federal Reserve’s decisions matter because they shape those expectations, but the Fed doesn’t set mortgage rates directly. On top of that, your own rate is set by your file: a higher credit score, a larger down payment, and a lower loan-to-value generally mean a lower rate, and paying points can buy the rate down (I work through that trade-off in pay points to buy down your rate or wait). Loan type matters too — the 6.94% FHA example I use across this site is an example rate I use for the math, not today’s quote — so don’t compare an FHA example to a conventional average and think something is wrong.
What the weekly Freddie Mac number is
The Primary Mortgage Market Survey (PMMS) is Freddie Mac’s weekly survey of mortgage rates, which it has published since 1971. Each week it reports the average 30-year and 15-year fixed rates, along with the average points and fees, based on a mix of conforming, conventional loans. It is a national average, published weekly, and it is the number most news stories mean when they say “mortgage rates fell” or “mortgage rates rose.” That is why I use it on this page: it is a consistent, public benchmark you can check yourself, not a rate anyone is offering you. When you see a new headline, come back here, check the survey week, and compare it to the numbers below.
What a 1% rate change does to the monthly payment
Here is the honest math, using the same assumptions I use across this site. A $700,000 home with 3.5% down ($24,500) leaves a base loan of $675,500; the FHA upfront mortgage insurance premium of 1.75% ($11,821) is added to the loan, for a total loan of $687,321, on a 30-year fixed loan. Property tax is 1.25% a year ($729 a month), homeowner’s insurance is about 0.5% a year ($292 a month), and annual FHA mortgage insurance is 0.55% ($315 a month). Those three don’t change when the rate changes — only the principal-and-interest part does.
| 30-year fixed rate | Principal & interest | Full monthly payment |
|---|---|---|
| 6.94% | $4,545 | $5,881 |
| 5.94% | $4,094 | $5,430 |
| Difference | $451 a month | $451 a month — $5,412 a year |
On a $600,000 home, the same 1% change is a little smaller: $5,041 a month at 6.94% versus $4,654 a month at 5.94%, a difference of $387 a month. So 1% matters — about $450 a month on a $700,000 home — but it doesn’t change the tax, insurance, or mortgage insurance, and it doesn’t turn a payment you can’t afford into one you can. Run your own price and rate in the mortgage calculator and the rate buydown calculator before you decide anything.
How to use this page
Start with the payment, not the rate. If the full monthly payment works at today’s rate and you plan to stay in the home, the rate is a number you can live with; if the payment doesn’t work, waiting for rates to fall doesn’t fix the budget — you need a lower price, more down payment saved, or a different loan structure. If you’re weighing paying points to lower the rate, use the buydown calculator and check how long it takes to break even, because points only help if you stay in the loan long enough. And if rates do fall later, refinancing is an option then — it isn’t a promise now. For the bigger picture, the FAQ page answers the questions I get asked most, and the affordability calculator will tell you what price fits your income and debts at today’s rate.