November 12, 2026

Mortgage Rates This Week

Mortgage rates moved higher this week as renewed pressure in the bond market reversed some of the improvements seen earlier in November. Rising Treasury yields and continued uncertainty surrounding inflation and Federal Reserve policy contributed to higher borrowing costs for prospective homebuyers.

Compare this week's 30-year and 15-year fixed mortgage rates, explore different points options, and see how rates changed from last week.

As of November 12, 2026, mortgage rates have moved higher, reversing some of the improvements seen earlier in the month. Rising Treasury yields and changing investor expectations have placed renewed upward pressure on borrowing costs following several weeks of more favorable conditions. Although rates had been trending lower, the recent increase highlights how quickly mortgage pricing can respond to economic developments and shifts in market sentiment.

The bond market continues to respond to changing economic conditions, with mortgage-backed securities pricing remaining sensitive to incoming economic data and movements in Treasury yields. While recent national surveys reflected improvements in borrowing costs earlier in the reporting period, the latest rate increases demonstrate that mortgage pricing can change quickly. These fluctuations reinforce the importance of evaluating different financing options rather than focusing on short-term rate movements alone.

One of the most important factors influencing the mortgage market remains the Federal Reserve's approach to inflation. At its October 27–28 meeting, the Federal Open Market Committee maintained its benchmark federal funds rate at 3.75%–4.00%, following September's quarter-percentage-point increase. The decision reflected continued concerns about inflation and the need to balance price stability with economic growth. With the Fed's next meeting scheduled for December 8–9, investors are closely watching economic developments for indications of whether policymakers may consider additional tightening.

Although the Federal Reserve does not directly set mortgage rates, expectations about future monetary policy continue to influence Treasury yields and borrowing costs. Recent inflation concerns have reinforced uncertainty about how long interest rates may remain elevated. Stronger-than-expected economic data or signs of persistent price pressures could push Treasury yields higher, while evidence of slowing inflation may provide additional support for mortgage rates. These competing factors have contributed to continued volatility even as national mortgage-rate averages have declined.

For mortgage borrowers, national rate trends showed renewed upward pressure this week. According to Mortgage News Daily's daily rate index, the average top-tier 30-year fixed mortgage rate increased from 7.17% on Thursday, November 5, to 7.42% on Thursday, November 12. Rates remained relatively stable at 7.17% on November 6 before rising to 7.18% on Monday, November 9, and 7.30% on Tuesday, November 10. After the Veterans Day holiday, rates climbed further to 7.42% on Thursday. The increase illustrates how quickly mortgage pricing can reverse direction in response to changing bond-market conditions and investor expectations, even after several weeks of improvement.

Freddie Mac's latest weekly survey continued to reflect an improvement in borrowing costs. The average 30-year fixed mortgage rate declined to 7.11% on November 12 from 7.18% the previous week, marking its fourth consecutive weekly decline. The average 15-year fixed rate also decreased to 6.45% from 6.57%. Both averages reached their lowest levels in several weeks, providing some relief to prospective homebuyers. However, mortgage rates remain substantially higher than they were a year ago, continuing to create affordability challenges for many households.

Mortgage application activity strengthened as lower rates encouraged more borrowers to enter the market. Total mortgage applications increased 6.2% for the week ending November 6, according to the Mortgage Bankers Association. Purchase applications rose 8%, while refinance applications increased 5%. MBA's average conforming 30-year fixed mortgage rate declined to 7.21% from 7.30%, reaching its lowest level since mid-September. The average 15-year fixed rate also decreased to 6.64% from 6.76%, reflecting broader improvement in mortgage pricing during the survey period.

Despite the weekly increase, mortgage demand remains subdued compared with last year. According to MBA, purchase applications were still 18% lower than the same week a year earlier, while refinance activity remained 57% below last year's levels. The results suggest that lower mortgage rates have encouraged some borrowers to return to the market, although affordability challenges continue to limit overall demand. Many existing homeowners also hold mortgage rates substantially below current market levels, reducing the financial incentive to refinance.

Adjustable-rate mortgages continued to provide an alternative for borrowers seeking lower initial payments. According to MBA, ARMs accounted for 10.9% of total mortgage applications, down from 11.4% the previous week. The average rate for 5/1 adjustable-rate mortgages declined slightly to 6.28% from 6.29%, remaining below the average rate for 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 continued decline in national weekly mortgage-rate averages is encouraging, recent fluctuations in daily pricing suggest that further improvement may not follow a consistent path. Investors will be watching upcoming economic reports and Federal Reserve commentary for additional insight into the direction of monetary policy. 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 further 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 national mortgage-rate averages 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 find negotiating opportunities as the market enters its slower seasonal period, although conditions can vary considerably by location and property type. 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

Real time rates for 11/12/2026

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

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.

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

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, Colorado & California. 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, and Bridge Loans. Contact us today with any questions you have about mortgages.