Mortgage rates are on the rise again, snapping a weeks-long downward trend, after October inflation data came in hotter than expected.
Rates rose 12 basis points on Thursday to 7.42%, according to Mortgage News Daily, following Treasury yields’ rise. That follows another bruising 12 basis-point climb on Tuesday, when new inflation data showed prices continue to rise across a broad range of goods and services. The bond market was closed Wednesday for Veterans Day.
Treasury yields, which mortgage rates closely track, have been rising quickly as investors question the Federal Reserve’s efforts to tamp down inflation.
“Today’s homebuyers are squeezed by both high mortgage rates and high inflation, and inflation is the bigger long-term problem,” Realtor.com senior economist Jiayi Xu said in a statement.
Data released by Freddie Mac, which is based on surveys, showed mortgage rates dropping for the fourth straight week to 7.11% for the week through Wednesday, when the latest bond moves were just beginning.
Before the inflation surprise, the 10-year Treasury yield had been dropping as investors sought safe-haven assets amid an ongoing rout in tech stocks, helping the weekly average fall.
Read more: Weekly survey of mortgage lenders with the lowest rates: 2 more lenders move below 7%
Today’s mortgage rates
Here are the current purchase mortgage rates for today, Thursday, November 12, 2026, according to the latest Zillow data:
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30-year fixed: 7.09%
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20-year fixed: 6.87%
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15-year fixed: 6.53%
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5/1 ARM: 7.02%
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7/1 ARM: 6.59%
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30-year VA: 6.29%
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15-year VA: 5.85%
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5/1 VA: 6.21%
Today’s mortgage refinance rates
Here are the current refinance mortgage rates for today, Thursday, November 12, 2026, according to the latest Zillow data:
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30-year fixed: 7%
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20-year fixed: 6.72%
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15-year fixed: 6.50%
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5/1 ARM: 7.06%
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7/1 ARM: 6.52%
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30-year VA: 6.58%
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15-year VA: 5.91%
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5/1 VA: 6.19%
Monthly mortgage payment calculator
Use Yahoo Finance’s mortgage calculator below to see how various mortgage rates will impact your monthly payments and overall loan costs.
Bookmark this mortgage payment calculator and keep it handy as you shop for homes and lenders. Be sure to use the dropdown to include private mortgage insurance costs and HOA dues if they apply to you. These monthly expenses, along with your mortgage principal and interest rate, will give you a realistic idea of your monthly payment.
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How are mortgage rates determined?
Two categories determine mortgage rates: those you can control and those you cannot.
What factors can you control? First, you can compare mortgage lenders to find the one that gives you the lowest rate and fees.
Second, lenders typically extend lower rates to people with higher credit scores, lower debt-to-income (DTI) ratios, and considerable down payments. If you can save more or pay down debt before securing a mortgage, a lender will probably give you a better interest rate.
What factors can you not control? In short, the economy.
The list of ways the economy impacts mortgage rates is long, but here are the basic details. If the economy — for example, employment rates — is struggling, mortgage rates decrease to encourage borrowing, which helps boost the economy. If the economy is strong, mortgage rates go up to temper spending.
With all other factors being equal, mortgage refinance rates are typically slightly higher than purchase rates. So don’t be surprised if your refinance rate is higher than you may have expected.
30-year vs. 15-year fixed mortgage rates
Two of the most common mortgage terms are 30-year and 15-year fixed-rate mortgages. Both lock in your rate for the entire loan term.
A 30-year mortgage is popular because it has relatively low monthly payments. But it comes with a higher interest rate than shorter terms, and because you’re accumulating interest for three decades, you’ll pay a lot of interest in the long run.
A 15-year mortgage can be a good choice because it has a lower rate than longer terms, so you’ll pay less interest over time. You’ll also pay off your mortgage much faster. But your monthly payments will be higher because you’re paying off the same loan amount in half the time.
Basically, 30-year mortgages are more affordable from month to month, while 15-year mortgages are cheaper in the long run.
Current mortgage rates: FAQs
What bank is offering the lowest mortgage rates?
According to Yahoo Finance’s weekly survey of lenders with the lowest rates, some of the banks with the lowest median mortgage rates are Chase and Citibank. However, it’s a good idea to shop around for the best rate, not just with banks, but also with credit unions and companies specializing in mortgage lending.
Is 2.75% a good mortgage rate?
Yes, 2.75% is an amazing mortgage rate. You’re unlikely to get a 2.75% rate in today’s market unless you take on an assumable mortgage from a seller who locked in this rate in 2020 or 2021, when rates were at all-time lows.
What is the lowest-ever mortgage rate?
According to Freddie Mac, the lowest-ever 30-year fixed mortgage rate was 2.65%. This was the national average in January 2021. It is extremely unlikely that rates will dip below 3% again anytime soon.
At what rate should you refinance your mortgage?
Some experts say it’s worth refinancing when you can lock in a rate that’s 2% less than your current mortgage rate. Others say 1% is the magic number. It all depends on your financial goals when refinancing, how long you plan to stay in the same house, and on your break-even point after paying the refinance closing costs.
Methodology
The interest rates provided by the Zillow Lender Marketplace are national averages rounded to the nearest hundredth. The rates featured in today’s daily rate article were provided to Yahoo Finance the previous day. The rates in this article are current as of November 11, 2026, at 4:06 p.m. ET.
