Rates are the first thing many clients ask about, and in November 2026 the honest answer is that they are high, a bit better than they were two weeks ago, and well above where they were a year ago. This article summarizes where rates stand, what other housing data is saying, and how to frame the conversation with buyers and sellers without overpromising.
All figures below come from public sources, each linked with its publication date. Rates move weekly, so check the latest numbers before you quote them to a client.
Where Rates Stand Right Now
Freddie Mac's Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage averaged 7.24% as of October 29, 2026, down from 7.32% the week before and from 6.17% a year earlier. The 15-year fixed averaged 6.60%, down from 6.68% the prior week and 5.41% a year ago. Freddie Mac's chief economist said the 30-year rate reached its lowest level this month and "modestly" boosted purchasing power. (Freddie Mac, Oct. 29, 2026)
Here is how October looked week by week, according to the same survey series:
| Week ending | 30-year fixed average |
|---|---|
| Oct. 1, 2026 | 7.28% |
| Oct. 8, 2026 | 7.40% |
| Oct. 15, 2026 | 7.40% |
| Oct. 22, 2026 | 7.32% |
| Oct. 29, 2026 | 7.24% |
Source: Freddie Mac PMMS data via FRED, St. Louis Fed, updated Oct. 29, 2026.
It helps to know what this survey measures. The PMMS is based on applications submitted to Freddie Mac for conventional, conforming, fully amortizing home purchase loans, and it focuses on borrowers who put 20% down and have excellent credit. A buyer with a smaller down payment, a lower credit score or a jumbo loan may see a different rate. (Freddie Mac news release, Oct. 29, 2026)
What the Federal Reserve Did
At its October 27 to 28 meeting, the Federal Open Market Committee left the federal funds target range unchanged at 3.75% to 4.00%. The vote was 10 to 2, with two members preferring a quarter-point increase, and the statement said inflation "remains elevated." (Federal Reserve statement, Oct. 28, 2026)
One point worth explaining to clients: the Fed's policy rate and mortgage rates are related but not the same thing. Mortgage rates tend to follow longer-term market yields and investor expectations, so they can move even when the Fed does not.
What Higher Rates Mean in Dollars
Percentages are abstract. Monthly payments are not. Here is a simple illustration you can adapt for client conversations.
On a $400,000 loan with a 30-year fixed term, principal and interest only (our own calculation, not a published figure, and excluding taxes, insurance and mortgage insurance):
At 6.17% (the year-ago Freddie Mac average): about $2,442 per month
At 7.24% (the Oct. 29, 2026 average): about $2,726 per month
The difference is roughly $284 per month
A quarter-point change is smaller but still real: on the same loan, moving from 7.24% to 6.99% lowers the payment by about $67 per month.
Realtor.com's economists made a similar point in their September report, noting that the rise in rates from 6.66% in the last week of August to 7.03% on September 24 cut roughly $11,500 from the buying power of a shopper on a fixed budget. (Realtor.com, Sept. 30, 2026)
How the Market Is Responding
Higher rates are showing up in other data.
Sales slowed. NAR reported existing-home sales at a seasonally adjusted annual rate of 3.99 million in September, up 1.5% from August but down 2.2% from a year earlier. NAR's chief economist said August and September were the two slowest months for home sales this year, and that further rate increases mean fewer buyers can qualify. (NAR, Oct. 13, 2026)
Contracts fell. Redfin reported that pending home sales dropped 4% from August to September on a seasonally adjusted basis, its biggest monthly drop in more than three years, and that 14.5% of deals that went under contract in September were canceled. (Redfin, Oct. 12, 2026)
Sellers are adjusting. Realtor.com found 20.8% of listings had a price reduction in September, the highest monthly share since October 2022. (Realtor.com, Sept. 30, 2026)
What to Tell Buyers
Keep the message calm, specific and practical.
Anchor on the payment, not the rate. Run a real payment estimate with a lender-provided figure, including taxes and insurance, before house hunting begins.
Get preapproved and compare lenders. Rates, fees and credit terms vary by lender. A short call with two or three lenders can reveal real differences.
Use the negotiating room. NAR's chief economist noted that higher inventory and longer days on market give buyers improved negotiating power. Redfin's head of economic research pointed to negotiating on price, closing costs and repairs, and sometimes a seller-paid mortgage rate buydown. Ask your buyers which of those matters most to them.
Plan for the option to refinance later, but don't promise it. Nobody can guarantee where rates will go. Say that plainly.
What to Tell Sellers
Sellers often anchor on what a neighbor got a year ago. Rates are one reason the market has changed.
Price to today's market. NAR's chief economist said sellers need to be realistic about local conditions, which could require price discounts and other incentives. Redfin's analysis found that about 60.5% of homes that sold in September went for less than their original asking price.
Consider flexibility instead of only a cut. A rate buydown or help with closing costs can improve a buyer's monthly payment without changing the headline price.
Prepare the home and the presentation. In a market with more choices, condition and photography matter more. A strong launch matters because a home that lingers can be read by buyers as a problem. Our new listing launch checklist covers the steps.
Plan the marketing, not just the price. Print, video and social all give a home more ways to be noticed.
Local Matters
National averages hide a lot. NAR's September report showed median existing-home prices up 4.7% year over year in the Northeast and down 0.3% in the West. Pull MLS data for your own area before sitting down with a client.
Marketing Your Listings When Rates Are High
When fewer buyers are in the market, the buyers who remain have more choices, and each listing has to work harder. Print and video help a listing stay memorable. Listing Boosted publishes the Only Homes Collection, a real estate magazine with 25,000+ readers per issue, and agents use it to give listings a physical presence in front of home browsers. You can explore the available packages or reserve space in an upcoming issue.
Sources
Freddie Mac, Primary Mortgage Market Survey, Oct. 29, 2026: https://www.freddiemac.com/pmms
Freddie Mac news release, "Mortgage Rates Decline Further to 7.24%," Oct. 29, 2026: https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-decline-further-724/
FRED (St. Louis Fed), MORTGAGE30US, updated Oct. 29, 2026: https://fred.stlouisfed.org/graph/?g=1hN5V
Federal Reserve, FOMC statement, Oct. 28, 2026: https://www.federalreserve.gov/newsevents/pressreleases/monetary20261028a.htm
NAR, Existing-Home Sales (September), Oct. 13, 2026: https://www.nar.realtor/newsroom/existing-home-sales-increased-1-5-in-september-according-to-nar-report
Realtor.com Economic Research, September 2026 Monthly Housing Trends, Sept. 30, 2026: https://www.realtor.com/research/september-2026-data/
Redfin, "U.S. Pending Home Sales Sink Near 12-Year Low," Oct. 12, 2026 (updated Oct. 13): https://www.redfin.com/news/pending-home-sales-sink-rates/
This article is for general information and is not financial or lending advice. Clients should speak with a licensed lender about their own situation.
