Mortgage rates Nov. 10, 2025: small changes

Current mortgage rates data:

Note that Coins2Day reviewed Optimal Blue’s latest available data on Nov. 7, with the numbers reflecting home loans locked in as of Nov. 6. 

Mortgage rates now: what's the latest?

If it feels like 30-year mortgage rates have been stuck near 7% forever, that’s not far from the truth. Many observers were hoping that rates would soften when the Federal Reserve started cutting the federal funds rate in September 2024, but that didn’t happen. There was a brief dip preceding that meeting, but rates shot back up afterward.

In fact, by January 2025 the average rate on a 30-year, fixed-rate mortgage topped 7% for the first time since last May, according to Freddie Mac data. That’s a far cry from the historic average low of 2.65% we saw in January 2021, when the government was still trying to stimulate the economy and stave off a pandemic-induced recession. 

Barring another massive catastrophe, experts agree we won’t see rates in the 2% to 3% range in our lifetimes. And right now, with President Donald Trump pursuing policies such as tariffs and deportations, some observers have feared the labor market could tighten and inflation could reignite. Against that backdrop, U.S. Homebuyers have been stuck with high mortgage rates—though some found ways to make their purchase more affordable, such as negotiating rate buydowns with a builder when purchasing newly constructed housing.

But, homebuyers (and homeowners considering refinancing) finally got some relief starting in late August and early September of 2025. Leading up to the Fed’s Sept. 16-17 meeting, mortgage rates started trending noticeably downward in anticipation that the central bank would reduce the federal funds rate.

The Fed did indeed deliver the expected cut, reducing its benchmark rate by a quarter percentage point—the first cut of 2025. Then, it made a second cut of the same amount at the end of October.

With another meeting set for December, the potential remains for at least one more reduction in the federal funds rate during 2025.

Get the best mortgage rate

While economic conditions are out of your control, your financial profile as an applicant has a major impact on the mortgage rate you get. With that in mind, strive to do the following:

• Ensure your credit is in excellent shape. The minimum credit score to get a conventional mortgage is generally 620 (for FHA loans, you may be able to qualify with a score of 580 or a score as low as 500 and a 10% down payment). But, if you’re hoping to get a low rate that could potentially save you five or even six figures in interest over the life of your loan, you’ll want a score quite a bit higher. For example, lender Blue Water Mortgage notes that a score of 740 or higher is considered top tier. 
• Keep your debt-to-income (DTI) ratio low. You can calculate your DTI by dividing your monthly debt payments by your gross monthly income, then multiplying by 100. For example, someone with a $3,000 monthly income and $750 in monthly debt payments has a 25% DTI. It’s typically best when applying for a mortgage to have a DTI of 36% or below, though you may get approved with a DTI as high as 43%.
• Get prequalified with multiple lenders. You may wish to try a mix of large banks, local credit unions, and online lenders and compare offers. Plus, getting connected with loan officers at several different institutions can help you evaluate what you’re looking for in a lender and which one will be best able to meet your needs. When comparing rates, ensure you're doing so on an equivalent basis—if one estimate includes the purchase of mortgage discount points and another doesn't, it's crucial to understand that there's An initial expense to reduce your interest rate using points.

Historical chart of mortgage interest rates

The current interest rates seem elevated primarily because most people remember the exceptionally low rates that were common for approximately the past fifteen years. That market was shaped by a distinct confluence of historical events: The extended duration the Fed maintained its primary interest rate at zero to facilitate recovery from The Great Recession, succeeded by the extraordinary measures enacted as the nation Fought the worldwide Covid-19 pandemic.

With the return of more typical economic circumstances, specialists concur that we probably won't witness such remarkably low interest rates in the future. From a historical perspective, interest rates in the vicinity of 7% aren't unusually elevated. 

Louis Cardinals' recent performance. The Federal Reserve Bank of St. Louis presents a chart that monitors Freddie Mac's statistics concerning the average rate for a 30-year fixed-rate mortgage. In the 1990s, 7% rates were more or less the norm. When looking at the 1970s and 80s, a 7% rate seems quite attractive. Throughout September, October, and November in 1981, mortgage interest rates consistently exceeded 18%.

While historical context offers little solace, homeowners eager to relocate find themselves trapped by an unprecedentedly low interest rate. The current market frequently sees situations where low pandemic-era interest rates have prevented homeowners from moving, a phenomenon now referred to as the “golden handcuffs.”

Elements influencing mortgage interest rates

The U.S. Is currently in this condition. Interest rates on mortgages are most significantly influenced by the economy. If lenders fear inflation, they raise mortgage rates to protect their long-term profits. 

Another big-picture factor is the national debt. When the federal government runs large deficits and has to borrow to make up the difference, that can put upward pressure on interest rates.

Demand for home loans plays a key role. When there's a reduced demand for loans, financial institutions might decrease their interest rates to draw in more individuals seeking credit. On the other hand, high demand means lenders might decide to raise rates as a way of covering costs for handling a higher volume of loans.

And of course, we must consider the Federal Reserve’s actions. The Fed can influence interest rates on financial products such as mortgages both through deciding to hike or cut the federal funds rate and through what actions it decides to take regarding its balance sheet.

The federal funds rate gets significant media attention, as increases or decreases to this benchmark rate (which is the rate banks charge each other for borrowing money overnight) often coincide with increases or decreases to the interest rates for home loans and other forms of credit. That said, the Fed does not set rates for mortgages or other credit products directly, and such interest rates do not always track perfectly with the fed funds rate.

Another way the Fed influences mortgage rates is via its balance sheet. In times of economic distress, the central bank buys financial assets and holds them on their balance sheet, injecting liquidity into the economy. Mortgage-backed securities (MBS) are a key type of asset for the Fed in such situations. 

However, the Fed has been slimming down its balance sheet, allowing assets to mature without buying new ones to replace those that have aged off it. That puts an upward pressure on mortgage interest rates. In other words, even though a lot of attention is focused on when the central bank decides to cut or hike the federal funds rate, what the Fed does with its balance sheet may be even more important for those hoping to snag a lower mortgage rate. 

Compare mortgage rates for savings

Comparing rates on different types of loans and shopping around with different lenders are both important steps in getting the best mortgage for your situation.

If your credit is in stellar shape, opting for a conventional mortgage might be the best choice for you. But, if your score is sub-600, an FHA loan may give you a chance a conventional loan would not.

When it comes to shopping around with different banks, credit unions, and online lenders, it can make a tangible difference in how much you pay. Freddie Mac research shows that in a market with high interest rates, homebuyers may be able to save $600 to $1,200 annually if they apply with multiple mortgage lenders.