Mortgage Rates This Week – November 5, 2026

Mortgage rates continued to improve this week as declining Treasury yields and more favorable conditions in the bond market provided additional relief to borrowers following several weeks of elevated financing costs. Although inflation concerns and uncertainty surrounding future Federal Reserve policy remain important factors, the recent downward movement in mortgage rates has been encouraging for prospective homebuyers. The 30-year fixed mortgage rate at the time of this post is 6.375%, with a 6.608% APR and 2.245 points, or 6.874% with a 6.916% APR and 0.280 points, for top-tier borrowers who put 25% down and have a credit score of 780 or higher. The 15-year fixed mortgage rate for the same category of borrowers is 5.750%, with a 6.147% APR and 2.365 points; or 6.500%, with a 6.532% APR and 0.050 points.

The bond market experienced further improvement this week as long-term Treasury yields retreated from their recent highs. The 10-year Treasury yield declined to approximately 4.84% on Thursday, November 5, its lowest level since early September. Because mortgage rates tend to follow longer-term Treasury yields, this movement has helped reduce borrowing costs after the sharp increases seen throughout September and early October. However, inflation remains elevated, and investors continue to evaluate whether the recent improvement in bond prices can be sustained.

One of the most important developments influencing the mortgage market continues to be the Federal Reserve’s October 27–28 meeting. The Federal Open Market Committee maintained its benchmark federal funds rate at 3.75%–4.00%, choosing not to implement another increase following September’s quarter-percentage-point hike. The decision reinforced the Fed’s cautious approach as policymakers balance persistent inflation pressures against economic growth and labor market conditions.

Although the Federal Reserve did not change its benchmark rate in October, expectations about future monetary policy continue to influence mortgage pricing. September’s Personal Consumption Expenditures price index, released last week, showed annual inflation increasing to 3.6% from 3.4% in August. The report reinforced concerns that inflation may remain above the Fed’s 2% target for longer than previously anticipated. Investors will be watching upcoming employment and inflation reports for additional insight into whether policymakers may consider another rate increase at their December meeting. While the federal funds rate does not directly determine mortgage rates, changes in policy expectations can influence Treasury yields and borrowing costs.

For mortgage borrowers, national rate trends showed additional improvement this week. According to Mortgage News Daily’s daily rate index, the average top-tier 30-year fixed mortgage rate declined from 7.29% on Thursday, October 29, to 7.22% on Thursday, November 5. Rates eased to 7.27% on Friday, October 30, remained unchanged on Monday, November 2, and increased slightly to 7.30% on Tuesday before declining to 7.22% on Wednesday and holding steady on Thursday. The improvement reflects a broader easing in mortgage pricing, although daily fluctuations continue to demonstrate how sensitive rates remain to economic developments and changes in the bond market.

Freddie Mac’s latest weekly survey also reflected the improvement in borrowing costs. The average 30-year fixed mortgage rate declined to 7.18% on November 5 from 7.24% the previous week, marking its third consecutive weekly decline. The average 15-year fixed rate also decreased to 6.57% from 6.60%. Although these changes provide some relief to prospective homebuyers, mortgage rates remain significantly higher than they were a year ago, continuing to create affordability challenges for many households.

Mortgage application activity weakened slightly despite the recent decline in borrowing costs. Total mortgage applications decreased 1.2% for the week ending October 30, according to the Mortgage Bankers Association. Purchase applications fell 2%, while refinance applications increased just 0.1%. MBA’s average conforming 30-year fixed mortgage rate declined to 7.30% from 7.37%, reaching its lowest level since September. However, the average 15-year fixed rate increased to 6.76% from 6.70%, illustrating that rate movements can vary across loan products and survey periods.

The latest application data suggests that the improvement in mortgage rates has not yet resulted in a sustained recovery in housing demand. According to MBA, purchase applications remained 19% lower than the same week a year earlier, while refinance activity was 60% below last year’s levels. Many existing homeowners continue to hold mortgage rates substantially below current market levels, limiting the financial incentive to refinance. For prospective buyers, elevated home prices and monthly payments remain significant considerations even as financing costs begin to ease.

Adjustable-rate mortgages continued to attract interest as borrowers looked for alternatives to higher fixed rates. According to MBA, ARMs accounted for 11.4% of total mortgage applications, their highest share since September 2025. The average rate for 5/1 adjustable-rate mortgages declined to 6.29% from 6.41%, providing a lower initial rate than traditional 30-year fixed loans. For borrowers with a defined time horizon, comparing adjustable-rate products with fixed-rate financing may help identify opportunities to reduce initial monthly payments while accounting for potential future rate adjustments.

The outlook for mortgage rates remains closely tied to inflation, Treasury yields, and Federal Reserve policy expectations. Although the recent decline in mortgage rates is encouraging, sustained improvement will likely depend on continued stability in the bond market and clearer evidence that inflation pressures are easing. Investors will be watching upcoming economic reports, particularly employment data, for indications of whether the Federal Reserve may need to maintain restrictive monetary policy or consider additional tightening. Until inflation and Treasury yields show more consistent signs of stabilization, mortgage rates are likely to remain sensitive to economic developments and changes in market expectations.

Fall Buying Season

As the housing market moves into November, elevated mortgage rates continue to present affordability challenges for buyers. However, the seasonal slowdown in housing activity may also create opportunities for qualified borrowers who remain active. With fewer buyers competing for available homes than during the spring and summer months, some buyers may find greater negotiating flexibility, particularly with sellers who are motivated to close before the end of the year.

The recent improvement in mortgage rates may provide additional encouragement for prospective homebuyers who have delayed their purchase decisions. Although borrowing costs remain substantially higher than they were a year ago, lower rates can help reduce monthly payments and improve purchasing power. Buyers who remain active during the slower fall and winter months may benefit from less competition and potentially greater flexibility when negotiating purchase prices, closing costs, or seller concessions.

In Washington state specifically, buyers may benefit from greater inventory and negotiating opportunities compared with tighter housing markets in recent years. Sellers may be more willing to consider price reductions, closing cost contributions, or rate buydowns to attract qualified buyers. A fully underwritten pre-approval can help strengthen an offer, while comparing fixed-rate loans, ARM products, and different buydown structures may help borrowers identify financing options that better align with their financial goals. With mortgage rates continuing to respond to economic developments, evaluating the full cost of financing remains more valuable than focusing on a single headline rate.

Current Mortgage Rates This Week for WA, OR, ID, CA, and CO From Sammamish Mortgage
11/05/2026

**Conforming assumptions – $800k Purchase Price, 25% Down, 800+ Credit
**Jumbo assumptions – $1.5MM Purchase Price, 25% Down, 800+ Credit

Washington State mortgage rates

Mortgage rates In Oregon

Mortgage rates in Idaho

Mortgage Rates for Colorado

California Mortgage Rates

National Average Mortgage Rates:

(State-specific rates sourced from Sammamish Mortgage – National Average rates sourced from Zillow)

Consumer Price Index, Consumer Sentiment & Inflation

Inflation is undoubtedly the most significant driver of interest rates. With that in mind, we continue to focus on inflation data and expectations going forward to gauge what we can expect to see in interest rates in the coming months. Inflation is re-accelerating above the Fed’s target of 2% as of March 2026. While current inflation numbers would typically warrant a lower Fed Funds Rate, the Fed has indicated that it wants to see the impact of tariffs before considering additional rate cuts.

Consumer Price Index (CPI) March = 0.9% – Annual = 3.3%  

Producer Price Index (PPI) March = 0.5% – Annual = 4.0%

Personal Consumption Expenditures (PCE) February = 0.4% – Annual = 2.8% 

Overall, it is difficult to predict what will happen with mortgage rates in the near term. With global economic turmoil, banking issues, inflation, and thus far a far more resilient economy than many expected, trying to predict rates from one day to the next to time a rate lock is almost impossible or at least requires luck. However, looking at a longer time horizon, it’s much easier to see that there is an excellent chance we could see rates move lower from current levels, providing an opportunity for recent and existing buyers to potentially refinance in the future.

See Current Rates

What the Fed rate hike means for borrowers, savers, and investors

When the Federal Reserve raises interest rates, it affects various aspects of the economy, including the housing market, savings, and investment.

For potential homebuyers, a Fed rate hike typically leads to an increase in mortgage rates in the early stages of a tightening cycle; however, if the market thinks the Fed rate increases will hurt the economy and cause inflation to decrease, mortgage rates can improve when the Fed raises the Fed Funds Rate. It’s important to note that the Fed does not control mortgage rates. Fed rate increases do directly impact credit card rates, car loans, and commercial loans, which are shorter in duration than a typical 30-year fixed mortgage.

For savers, a Fed rate hike may lead to higher returns on savings accounts and certificates of deposit (CDs). In addition, banks and other financial institutions may increase the interest rates they pay to savers to remain competitive, which can benefit savers looking to earn more on their savings.

A Fed rate hike may impact the stock and bond markets for investors. Typically, when interest rates rise, the value of stocks and bonds can fall as investors may shift their money to fixed-income investments with higher returns. However, the impact of a rate hike on the markets can be complex and depends on various factors, such as the overall state of the economy, inflation expectations, and global events.

Loan Limits Increased For 2026

Loan limits have increased for 2026. Each county in every state has its loan limit. That said, the new standard conforming loan limit is $832,750, and high balance limits in select high-priced areas can go up as high as $1,063,750 for 1-unit properties in 2026.

Visit our 2026 conforming loan limit pages for Washington State, Oregon, Idaho, California, and Colorado.

For FHA loan limits, see our 2026 FHA pages for Washington State, Idaho, Colorado, California, and Oregon.

Check out our mortgage loan limit tool for conventional, FHA, and VA loans.

Instant Mortgage Rate Quote

Ready to Apply For a Mortgage?

Do you have questions about rates this week and home loans? Or are you ready to apply for a mortgage to buy a home? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, California & Colorado. We offer many mortgage programs to buyers all over the Pacific Northwest and have been doing so since 1992. Our programs include the Diamond Homebuyer Program, Cash Buyer Program, and Bridge Loans. Contact us today with any questions you have about mortgages.