The average 30-year fixed mortgage rate was 7.18% in Freddie Mac’s weekly survey as of November 5, 2026, down from 7.24% the week before. That is the third weekly drop in a row, and it is still about a full point above the 6.22% Freddie Mac reported a year earlier.
Freddie Mac’s Primary Mortgage Market Survey (freddiemac.com/pmms) also put the 15-year fixed at 6.57%, down from 6.60% a week earlier and up from 5.50% a year ago. These are national averages. They are not a quote for a loan in Richmond, Henrico, Chesterfield or anywhere else.
What 7.18% does to a monthly payment
Here is simple math, which is our own calculation and not a Freddie Mac figure. On a $400,000 loan with a 30-year fixed term, principal and interest comes to about $2,710 a month at 7.18%. At 7.24% it is about $2,726. At last year’s 6.22% it would be about $2,455.
| 30-year fixed rate | Source for the rate | Principal and interest on $400,000 |
|---|---|---|
| 7.24% | Freddie Mac, week before Nov. 5, 2026 | $2,726 |
| 7.18% | Freddie Mac, Nov. 5, 2026 | $2,710 |
| 6.22% | Freddie Mac, year-ago figure | $2,455 |
The weekly drop saves about $16 a month on that loan. The gap to last year is about $255 a month. Taxes, insurance and any mortgage insurance come on top, and they vary by county and by loan. You can run your own numbers in our mortgage calculator.
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How to read the weekly number
Freddie Mac says the survey covers conventional, conforming, owner-occupied purchase loans for borrowers with good-to-excellent credit and a 20% down payment (Freddie Mac’s PMMS methodology page). It averages the rates lenders offered from the prior Thursday through Wednesday and is released Thursdays at noon Eastern. It no longer reports points and fees.
That matters for most buyers. If you are putting down less than 20%, using an FHA or VA loan, or buying with a lower credit score, your rate and costs will differ. A lender can price your real loan. Our preferred lenders page is a place to start.
What to do this week
- Get a written Loan Estimate from at least two lenders on the same day, so the rates are comparable.
- Ask what it costs to lock, and for how many days.
- Check how much a seller credit could offset. Our guide to seller credits and closing limits by loan type covers the caps.
- Before you tour with an agent, read what to know before signing a buyer representation agreement in Virginia.
Whether you are looking in the City of Richmond, Henrico County, Chesterfield County, Hanover County, Powhatan County or Goochland County, the same rate applies to the same loan. What changes is price, taxes and the home itself. Our buyer page walks through the steps.
Keep your search matched to your payment
We will save a search for the areas and price range you choose and send new matches as they list.
Frequently asked questions
Is the Freddie Mac rate what I will actually pay?
Usually not. Freddie Mac says its survey reflects conventional, conforming, owner-occupied purchase loans for borrowers with good-to-excellent credit and 20% down. Your rate depends on your credit, down payment, loan type and when you lock.
How often does Freddie Mac update the number?
Weekly. Freddie Mac’s methodology page says results come out Thursdays at noon Eastern and average rates from the prior Thursday through Wednesday.
Does the survey include points and fees?
No. The methodology page says Freddie Mac no longer publishes points and fees, so compare the Loan Estimates from your lenders for the full cost.
Where do the survey numbers come from?
Freddie Mac says since November 2022 the data comes from mortgage applications lenders submit through its Loan Product Advisor, not from a phone survey.
How did you get the monthly payment figures?
We used the standard fixed-rate payment formula on a $400,000 loan over 30 years at each rate. It covers principal and interest only, not taxes or insurance. Use our mortgage calculator to change the loan amount.
Should I wait for rates to keep falling?
Nobody can promise that. A weekly average moves in both directions. A lender can explain lock options, and a Virginia real estate attorney can answer legal questions about your contract.
