Mortgage Rates: November 2025 Update (Mid-6s)
Mortgage Rates in November 2025: Mid-6s, What’s Driving Them, and How to Play It
The quick take
The 30-year fixed averaged 6.22% and the 15-year fixed averaged 5.50% in Freddie Mac’s Primary Mortgage Market Survey (PMMS) for the week of Nov 6, 2025. Nov 6, 2025 PMMS release. That’s still near 2025 lows.
Rates continue to track the 10-year U.S. Treasury. Early November yields were in the low-4% range (recent readings around ~4.1%–4.2%). When that yield drifts lower, mortgage pricing usually eases too.
Demand is choppy: MBA reported a +7.1% jump in mortgage applications for the week ending Oct 24, then a -1.9% dip for the week ending Oct 31 as we rolled into November.
Why rates are here (in plain English)
Mortgage pricing leans on the 10-year Treasury because most 30-year loans are paid off, sold, or refinanced long before 30 years—the 10-year tends to be the better “compass” for investors. Inflation reports tug those Treasury yields up or down, and mortgages follow with a spread on top. If inflation cools and the 10-year eases, rate relief tends to follow; if yields pop, pricing gets tougher.
Freddie Mac’s Primary Mortgage Market Survey (PMMS) is the industry’s most-cited benchmark for national, conforming loans. It’s an index—not an offer—but a reliable temperature check that updates weekly.
Demand check: who’s moving (and who isn’t)
Applications bounced into late October and then slipped to start November: +7.1% w/e Oct 24; -1.9% w/e Oct 31. Translation: buyers and refi-curious homeowners are rate-sensitive, and small moves can wake up activity—but affordability and inventory still set the pace.
If you’re buying in November: a playbook that actually helps
1) Lock vs. float-down
If you’re inside 30–60 days, consider a lock with float-down (if your lender offers it). That secures today’s pricing with a one-time option to capture a later improvement.
2) Buydowns—temporary vs. permanent
2-1 / 1-0 temporary buydown: lowers the payment in year 1 (and sometimes year 2). Good for easing into the payment while you watch the macro.
Permanent points: pay a point to reduce the note rate for the life of the loan. Better if you’ll hold the mortgage longer.
Rule of thumb: decide based on time-in-home and expected refi window; always compare total cost vs. savings.
3) ARM vs. fixed
ARMs (e.g., 7/6, 10/6) can shine if you’ll move/refi within the fixed period. Build a cushion and stress-test the reset payment before you sign.
Homeowners: should you refi?
Refinance math is about APR-to-APR and breakeven, not headline rates. If the new loan’s APR materially beats your current APR and your time-in-home clears the breakeven (closing costs ÷ monthly savings), it can pencil—even if rates are only modestly lower. For equity taps, compare a cash-out refi with a HELOC/second so you’re not trading a great first-lien rate for a small cash need.
Investors & DSCR: cash flow > headlines
Underwrite to cash flow first. A 25–50 bp swing can move a borderline DSCR into approval or push max LTV down a notch. Sometimes one point in cost beats chasing a tiny rate drop over a 3–7 year hold. Mind prepay penalties and exit timing.
What to watch next
Inflation & jobs releases. Hotter data tends to push the 10-year up; cooler data can pull it down. Mortgage rates typically react with a lag and a spread.
10-year Treasury level. Keep an eye on that low-4s zone; moves through it often translate to noticeable rate shifts.
Weekly PMMS & MBA prints. PMMS = national rate benchmark; MBA = demand pulse. Together they show where pricing and activity are trending.
FAQ (quick hits)
Are these rates an offer?
No. PMMS and media charts are benchmarks, not quotes. Your actual price depends on credit, LTV, occupancy, loan type, points/credits, etc.
Why don’t mortgage rates follow the Fed one-for-one?
Because mortgages mostly track market yields (the 10-year Treasury), not the overnight Fed funds rate. The Fed influences the economy and inflation; markets translate that into yields, and mortgages price off those yields. PMMS FAQs.
How often do mortgage rates change?
Daily, sometimes multiple times per day, as bond markets move.
Ready to run your numbers?
I’ll build side-by-side options (par vs. buydown, ARM vs. fixed, lock vs. float-down) and show true APR and breakeven math—no phone tag required. Apply online or text me and I’ll send a secure link.
Compliance & required notices
© 2025 American Pacific Mortgage Corporation. NMLS #1850. Equal Housing Opportunity. Information is for educational purposes only and is not a credit decision or a commitment to lend. Programs, rates, terms and underwriting policies are subject to change without notice. All loans subject to credit approval and acceptable collateral. Not all products are available in all states; restrictions may apply.
Stephen Mannenbach, NMLS #1831233. Verify licensing on NMLS Consumer Access.
