Freddie Mac Fell to 7.11%. Thursday’s Daily Rate Rose to 7.42%.

Lending

Why did Freddie Mac’s rate fall while daily rates rose?

Because the two surveys cover different days. Freddie Mac’s November 12 PMMS averages loan rates offered from Thursday, November 5, through Wednesday, November 11, and it fell to 7.11%. Mortgage News Daily’s daily index rose to 7.42% on Thursday. MND says daily rates are up 0.25 since the last Freddie survey, the highest in more than three weeks.

MND’s Matthew Graham wrote at 3:17 p.m. ET that rates were low Thursday through Monday and higher by Tuesday, the last day counted in this week’s Freddie survey. Last week’s Freddie Mac note had the weekly at 7.18%.

Lending

Are mortgage rates still above 7% today?

Yes. Mortgage News Daily’s November 12, 2026 index put the 30-year fixed at 7.42%, up 0.12 from Tuesday, with jumbo at 7.46%, VA at 7.01%, the 7/6 SOFR ARM at 7.05%, and the 15-year and FHA at 7.00%. There was no November 11 daily. These are survey averages, not a personal APR or a lock.

Thursday’s history cells: the 30-year is 7.42%, change +0.12% from Tuesday’s 7.30%, prior year 6.29%, year-over-year +1.13%. The 15-year is 7.00%, change +0.08%. Jumbo is 7.46%, change +0.06%. FHA is 7.00%, change +0.11%. VA is 7.01%, change +0.11%. The 7/6 SOFR ARM is 7.05%, change +0.25%. Wednesday’s Veterans Day rate note already said the bond desk was recommended closed. Thursday’s coupon is the first daily after that holiday.

On a $400,000 30-year, principal and interest is about $2,775 a month at 7.42%, about $2,661 at the 7.00% FHA daily, about $2,664 at the 7.01% VA daily, about $2,675 at the 7.05% ARM initial survey rate if that starting rate is held for the full term, and about $2,786 at jumbo’s 7.46%. Freddie’s November 12 weekly 7.11% shapes about $2,691. The payment calculator draws that shape. The refinance explainer still asks whether a payment change beats doing nothing after costs. The affordability explainer is a planning range, not an approval. FHA loans, VA loans, jumbo loans, and conventional loans carry those dailies as survey averages. The lending desk keeps the dated product rows.

Lending

What did Freddie Mac’s PMMS print on November 12, 2026?

Freddie Mac’s 30-year fixed averaged 7.11% as of November 12, 2026, down from 7.18% a week earlier; a year ago it was 6.24%. The 15-year averaged 6.45%, down from 6.57%; a year ago, 5.49%. Freddie called it the fourth straight weekly decline and the lowest level in seven weeks.

Freddie Mac publishes PMMS weekly on Thursdays at 12 p.m. ET. Thursday, November 12, 2026 is not a holiday, so this weekly printed at noon. A weekly average through Wednesday is a different survey from Thursday’s daily. Do not treat 7.11% as the 7.42% coupon, and do not treat 7.42% as this week’s PMMS.

MBA’s weekly applications survey is a third tape. The Washington release dated November 11, for the week ending November 6, says applications increased 6.2 percent seasonally adjusted. The seasonally adjusted Purchase Index increased 8 percent. The Refinance Index increased 5 percent and was 57 percent lower than the same week a year earlier. The conforming 30-year contract rate decreased to 7.21 percent from 7.30 percent, with points unchanged at 0.75. The FHA 30-year contract rate decreased to 6.98 percent from 7.02 percent. That MBA week ended November 6. It does not include Tuesday’s 7.30% daily or Thursday’s 7.42% daily.

Lending

Did the Fed raise rates in October 2026?

No. On October 28, 2026, the FOMC kept the federal funds target range at 3-3/4 to 4 percent on a 10–2 vote. Lisa D. Cook and Beth M. Hammack dissented, preferring a 1/4 percentage point increase. The statement did not name a December action. The next scheduled meeting is December 8–9. The October 29 Fed note covered that decision.

The statement says economic activity is expanding at a strong pace, inflation remains elevated, and the accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee’s 2 percent goal. The FOMC calendar lists the next scheduled meeting for December 8–9, a meeting associated with a Summary of Economic Projections. October minutes have not posted on that calendar page.

The October 28 implementation note keeps the Desk directed to maintain the federal funds rate in a target range of 3-3/4 to 4 percent. Interest on reserve balances stays at 3.90 percent, effective October 29. Those administered rates are not a 30-year mortgage coupon.

Residential

What did October existing-home sales show?

NAR reported on November 12, 2026 that October existing-home sales fell 5.5% from September to a 3.75 million annual rate, down 8.8% from a year earlier. Inventory rose to 1.59 million, a 5.1-month supply. The median price was $416,700, up 0.4%. NAR’s Lawrence Yun tied the weak pace to high mortgage rates.

“Home buying is difficult when mortgage rates have climbed to their highest levels since 2000, aside from a single month in 2023. As a result, home sales fell to their lowest level since August 2010.”

Census and HUD have not printed an October new-home sales figure. September new-home sales remain CB26-174 at 676,000, with 476,000 for sale, an 8.4-month supply, and a median of $400,400. September starts remain CB26-162 at 1,221,000. The next new-home sales release is November 25. MBA’s Purchase Index rose 8 percent for the week ending November 6. That is an applications index, not NAR’s October closing count and not an October new-home sales print.

September construction spending remains CB26-176. Total spending was $2,186.1 billion. Private residential spending was $848.8 billion, 5.5 percent (±1.3 percent) below the revised August estimate of $898.0 billion. That interval does not include zero. Wednesday’s Veterans Day rate note and Tuesday’s combined daily remain the prior letters.

Commercial

How did Treasury yields move on Thursday, November 12?

Higher. Treasury’s November 12 par yield curve closed the 10-year at 5.10%, up from 4.98% on November 10, and the 30-year at 5.43%, up from 5.35%. The 2-year closed at 4.86%, up from 4.73%. There was no November 11 close. Treasury yields are not mortgage rates, and this page does not publish a spread.

The rest of Thursday’s constant-maturity close: 3-year 4.90%, 5-year 4.95%, 7-year 5.02%, and 20-year 5.48%. November 10 closed at 4.73%, 4.74%, 4.81%, 4.89%, 4.98%, 5.39%, and 5.35% on the 2-year through 30-year. Commercial borrowers often price off longer Treasury yields. The October 28 funds range of 3-3/4 to 4 percent is administered policy, not a CRE takeout print.

September private nonresidential construction remains $790.6 billion on CB26-176, 1.1 percent (±0.5 percent) above the revised August estimate of $782.3 billion. That monthly comparison does not carry Census’s asterisk. CMBS balances 30 or more days delinquent were 4.97 percent as of September 30, up from 4.82 percent. That share is loan performance, not a November 12 yield. Freddie’s 7.11% weekly is the PMMS, not takeout.

Property management

What did Thursday’s jobless claims show?

Initial jobless claims rose 9,000 to 200,000, seasonally adjusted, for the week ending November 7, according to Labor Department release USDL 26-1694-NAT on November 12. The prior week was revised to 191,000. The four-week average was 195,250. Insured unemployment was 1,697,000, a 1.1% rate, for the week ending October 31.

October CPI remains Tuesday’s print. BLS USDL-26-1685 says CPI-U rose 0.4% in October, shelter rose 0.3%, owners’ equivalent rent rose 0.3%, and rent rose 0.2%. BLS did not publish most 12-month changes because October 2025 data were not collected. Do not invent a year-over-year CPI-U figure. NAR’s October existing-home sales of 3.75 million are closings, not this building’s collected rent.

Vacancy figures this site can name still come from Census ACS rows in the local section. This publication does not manage buildings, write leases, originate loans, or take applications.