By Nick. Updated November 13, 2026.
Short answer: The average 30-year fixed mortgage rate fell to 7.11% in the week ending November 12, 2026, down from 7.18% a week earlier, according to Freddie Mac. That’s the fourth weekly decline in a row. The 15-year fixed rate dropped more sharply, to 6.45% from 6.57%. Financing is noticeably cheaper than in early October, but rates remain close to a full point above where they were a year ago.
Four straight weeks of easing is starting to look like a trend rather than a blip. Here’s what Freddie Mac reported this week and how land buyers, lot buyers, and small investors should think about it.
What did Freddie Mac report on November 12, 2026?
Freddie Mac’s Primary Mortgage Market Survey (PMMS) is the most widely watched weekly snapshot of US conventional mortgage rates. It reflects conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit. The averages come out every Thursday at noon Eastern time.
| Loan type | Nov. 12, 2026 | Prior week | One year ago |
|---|---|---|---|
| 30-year fixed | 7.11% | 7.18% | 6.24% |
| 15-year fixed | 6.45% | 6.57% | 5.49% |
The 15-year rate fell 0.12 percentage point in a single week, almost twice the move in the 30-year rate. That narrows the cost of a shorter loan, which matters for buyers who plan to pay off a property quickly or who are financing a smaller amount, as is common with lots and acreage.
How does this week fit the recent rate path?
The 30-year average peaked at 7.40% on October 8 and October 15. Since then it has stepped down every week: 7.32% on October 22, 7.24% on October 29, 7.18% on November 5, and now 7.11%. That’s a total drop of 0.29 percentage point in four weeks. Our write-up of last week’s fall to 7.18% covers the earlier part of that slide.
Two other data points help frame it. The Federal Reserve held its benchmark rate at 3.75% to 4% on October 28, so this easing is happening without a new Fed cut. And the Mortgage Bankers Association’s November 11 survey showed applications rising as its own 30-year contract rate slipped to 7.21%. MBA uses a different sample and method than Freddie Mac, so the two numbers won’t match exactly, but they point the same way. See our MBA applications recap for the details.
What does 7.11% mean for a monthly payment?
Here’s a simple example on a $400,000, 30-year fixed loan, counting principal and interest only (no taxes or insurance). These are our own amortization calculations, not Freddie Mac figures:
- At 7.40% (early October peak): about $2,770 a month.
- At 7.18% (Nov. 5): about $2,710 a month.
- At 7.11% (Nov. 12): about $2,691 a month.
- At 6.24% (a year ago): about $2,460 a month.
Compared with the October peak, the four-week slide saves roughly $79 a month on that loan, close to $950 a year. Against last week alone, it’s about $19 a month. Those are real savings, but the gap with a year ago is still around $230 a month. In plain terms: buyers are getting relief, just not a return to 2025 pricing.
What does this mean for land buyers and investors?
PMMS measures home mortgages, not raw-land loans. Land, lot, and construction loans usually carry higher rates and bigger down payments, and they often adjust to market moves with a lag. Still, a steady drop in home rates tends to filter through to land financing over time.
- Get fresh quotes. If your last land or lot loan quote dates from early October, it was priced at the top of the recent range. Ask your lender or local bank to reprice. Our guide on how land loans work explains why those loans cost more than a standard mortgage.
- Look harder at shorter terms. With the 15-year rate falling faster this week, a shorter amortization may now cost less than you’d expect, especially on a modest land purchase where the monthly difference is smaller.
- Plan the build loan separately. If you buy a lot now and build later, the construction or construction-to-permanent rate you lock down the road matters most. A falling trend helps, but don’t count on it continuing.
- Keep your paperwork ready. Lenders still want solid credit, cash reserves, and a clear plan for the property. Our checklist of land loan requirements can help you move quickly if a good quote shows up.
- Sellers, stay realistic. Rates above 7% still keep many buyers cautious. Fair pricing and flexible terms, including owner financing on slower parcels, remain practical ways to close.
Should you wait for rates to fall further?
No one can call the bottom. The Fed is holding policy steady while inflation stays above its goal, which limits how far and how fast mortgage rates can fall. If a parcel’s price, location, and terms work for you today, buying on numbers you can comfortably carry is usually smarter than waiting for a perfect rate. Homes can be refinanced later; raw land is harder to refinance, so focus on the purchase price and a payment you can live with now.
The next Freddie Mac survey is due Thursday, November 19. We’ll keep tracking it each week.
Sources
- Freddie Mac, Primary Mortgage Market Survey (November 12, 2026)
- Freddie Mac, PMMS historical weekly data