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Purchase and refinance mortgage rates continue to fall compared with last week, according to data Zillow provided to Yahoo Finance.
Today, Saturday, November 7, 2026, the 30-year fixed purchase rate is 6.86%, down 13 basis points from Friday and down 24 basis points since last week. The 15-year fixed purchase rate of 6.19% is 16 basis points lower than yesterday and down 26 basis points from last week. Finally, the 5/1 ARM purchase rate fell 7 basis points from Friday and 30 basis points from last week to 6.73%.
Compared to last week, the 30-year refinance rate fell 18 basis points to 6.88%, the 15-year refi rate fell 13 basis points to 6.35%, and the 5/1 ARM refi rate fell 17 basis points to 6.61%.
Read more: Weekly survey of mortgage lenders with the lowest rates: 3 lenders remain below 7%
Here are the current mortgage rates today, Saturday, November 7, 2026, according to the latest Zillow data:
30-year fixed: 6.86%
20-year fixed: 6.70%
15-year fixed: 6.19%
5/1 ARM: 6.73%
7/1 ARM: 6.67%
30-year VA: 6.49%
15-year VA: 5.84%
5/1 VA: 6.07%
These are today’s mortgage refinance rates, Saturday, November 7, 2026, according to the latest Zillow data:
30-year fixed: 6.88%
20-year fixed: 6.40%
15-year fixed: 6.35%
5/1 ARM: 6.61%
7/1 ARM: 6.36%
30-year VA: 6.31%
15-year VA: 5.81%
5/1 VA: 6.09%
Read more: Want to refinance your mortgage in 2026? Here’s what to do.
Your mortgage rate plays a large role in how much your monthly payment will be. Use this mortgage calculator to see how your mortgage amount, rate, and term length will impact your monthly payments.
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You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy as you shop for homes and the best mortgage lenders. You can also enter costs for private mortgage insurance (PMI) and homeowners’ association dues, if applicable. These details produce a more accurate monthly payment estimate than simply calculating your mortgage principal and interest.
There are two main advantages to a 30-year fixed mortgage:
Your payments are lower
Your monthly payments are predictable
A 30-year fixed-rate mortgage has relatively low monthly payments because you’re spreading repayment over a longer period than with, say, a 15-year mortgage. Your payments are predictable because, unlike an adjustable-rate mortgage (ARM), your rate won’t change from year to year. Most years, the only things that might affect your monthly payment are any changes to your homeowners insurance or property taxes.
The main disadvantages of a 30-year fixed mortgage:
The added mortgage interest, both in the short and long term
A 30-year fixed term has a higher rate than a shorter fixed term
A 30-year rate is higher than the intro rate on a 30-year ARM
The pros of a 15-year fixed-rate loan include:
The fixed term means your monthly payment will be predictable
Shorter terms come with lower interest rates
A shorter term means paying less interest over the life of the loan
The main disadvantage:
The short repayment term means your monthly payment will be higher compared to a longer-term mortgage
Learn more: Dig deeper into 15-year vs. 30-year mortgages
Adjustable-rate mortgages lock in your rate for a predetermined period, then adjust it periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years, then goes up or down once a year for the remaining 25 years.
The main advantage:
The introductory rate can be lower than what you’ll get with a 30-year fixed rate, which means lower initial monthly payments
Learn more: Adjustable-rate vs. fixed-rate mortgage: Which should you choose?
The disadvantages:
You have no idea what mortgage rates will be like once the intro-rate period ends
That unpredictability could result in higher monthly payments and interest costs
Read more: Is now a good time to get an adjustable-rate mortgage?
According to the latest Mortgage Bankers Association (MBA) forecast, the 30-year fixed purchase rate will average 7.3% for the fourth quarter of 2026. Fannie Mae’s forecast puts the 30-year rate at an average of 7.4%.
According to the same two forecasts, the MBA expects the 30-year average rate to range from 7.1% to 7.2%, and Fannie Mae predicts an average 30-year rate of 7.5%.
In many ways, securing a low mortgage refinance rate is similar to buying your home. Try to improve your credit score and lower your debt-to-income ratio (DTI). Refinancing into a shorter term will also land you a lower rate, though your monthly mortgage payments will be higher.
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 6, 2026, at 3:29 p.m. ET.
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