What Is a Good Mortgage Rate Right Now? How to Tell If a 7.25% Quote Is Competitive

A good mortgage rate right now is one that passes three tests: it is in line with the national average for your type of loan, it still looks that way once you count the points, and other lenders do not clearly beat it on the same day. As of early November 2026, the 30-year fixed average was 7.24 percent in Freddie Mac's survey and 7.30 percent with 0.75 points in the Mortgage Bankers Association's, so a 7.25 percent quote sits close to those averages, before counting points and your own loan's details. Here is how to test your own number, with the figures as of November 4, 2026.

Key takeaways

• Freddie Mac's 30-year fixed average was 7.24 percent on October 29, 2026, down from 7.40 percent on October 8 and October 15, and up from 6.17 percent a year earlier.
• In the MBA survey for the week ending October 30, 2026, the average 30-year conforming rate was 7.30 percent with 0.75 points, the FHA rate was 7.02 percent with 1.07 points, and the 5/1 ARM rate was 6.29 percent with 1.00 point.
• Freddie Mac's average is limited to conventional, owner-occupied purchase loans with a credit score of 740 or above and a loan-to-value ratio of 75 to 80 percent, so a borrower outside those limits may be quoted above it for reasons that have nothing to do with the lender.
• The Average Prime Offer Rate, a federal benchmark built from average rates, points, and other pricing terms, was 7.27 percent for 30-year fixed loans for the week of November 2, 2026. Compare it with your A.P.R., not your interest rate.
• In a 2020 working paper, Federal Reserve researchers estimated a gap of 54 basis points between the 10th and 90th percentile rates on identical loans for similar borrowers in the same market on the same day, which is why same-day quotes are the most direct test.

Is 7.25 percent a good mortgage rate right now?

It is close to the national averages as of early November 2026. Whether it is good for you depends on the points behind it, your credit score and down payment, and what other lenders will quote on the same day. Three public benchmarks came out within a week of each other, and for a 30-year fixed loan the figures sit close together, though they measure different things:

History explains why the same number can feel high or ordinary. In Freddie Mac's survey, the 2026 low was 5.98 percent on February 26 and the high was 7.40 percent on October 8 and 15, and a year before the latest reading the average was 6.17 percent. By our calculation from Freddie Mac's weekly history, the average since April 1971 is about 7.68 percent, and the average since 2010 is about 4.63 percent. So 7.25 percent is high by the standard of the years since 2010 and slightly below the average since 1971.

Illustrative: here is what a range of rates means in monthly principal and interest on a $400,000, 30-year fixed loan. These are example rates, not offers, and taxes, insurance, and any mortgage insurance are extra.

Each quarter point moves the payment by about $67 to $69 a month on that loan.

Why is my mortgage rate higher than average?

Often because the average describes a narrower loan than yours. Freddie Mac's methodology limits its average to conventional, conforming, fully amortizing purchase loans on owner-occupied, single-unit homes, with a credit score of 740 or above and a loan-to-value ratio of 75 to 80 percent. It also measures the rate at application, not at closing. If your loan differs on any of these points, a higher quote may be explained before the lender's pricing comes into it.

• Credit score and down payment. For conventional loans, Fannie Mae and Freddie Mac publish loan-level price adjustments that change with both. The Consumer Financial Protection Bureau's Explore interest rates page shows the effect of a 625 score against a 700 score, and 10 percent down against 25 percent. Its data dates from April 1, 2025, so use it for the direction of the change, not for today's level.
• Points and lender credits. A lower rate can be paid for at closing, and a higher rate can come with a credit toward closing costs. Freddie Mac stopped reporting points with its average in 2022, while the MBA's 7.30 percent average carries 0.75 points, so a quote with no points can reasonably sit above it.
• Loan type and size. FHA, VA, jumbo, 15-year, and adjustable loans all price differently; see the next section.
• Occupancy and purpose. Second homes, investment properties, and cash-out refinances generally price differently from a primary-home purchase.
• The day and the lock. Freddie Mac's figure averages the previous Thursday through Wednesday, and the market can move quickly: the 10-year Treasury par yield fell from 5.13 percent on October 21 to 4.96 percent on October 22. A longer rate lock may also cost more.
• Shopping and negotiation. A 2020 Federal Reserve working paper estimated a 54-basis-point gap between the 10th and 90th percentile rates that borrowers with the same characteristics obtained on identical loans, in the same market, on the same day. It found that fixed lender traits explain little of that gap, and that financial knowledge and shopping affect the rate a borrower gets.

What is a good rate for FHA, jumbo, 15-year, or ARM loans?

Compare your quote with the average for the same product. The MBA's survey for the week ending October 30, 2026 reports each one with its points, including the origination fee, for loans at 80 percent loan-to-value:

Three details sit inside those averages. The jumbo rate of 7.20 percent with 0.48 points came in below the conforming rate that week. The FHA rate of 7.02 percent is also below the conforming rate, but it carries more points, and FHA loans have their own mortgage insurance costs that the rate does not show; see FHA versus conventional loans. And the 5/1 ARM's 6.29 percent lasts only for its fixed period, which is why it is worth reading how ARMs adjust in 2026 before comparing it with a fixed loan. ARMs were 11.4 percent of applications that week, which the MBA called the highest share since September 2025.

Why are mortgage rates so high right now?

Long-term borrowing costs rose across the market in early autumn, and inflation is still above the Federal Reserve's goal. Freddie Mac's 30-year average climbed from 6.66 percent on August 27 to 7.40 percent on October 8, 2026, while the 10-year Treasury par yield went from 4.77 percent on September 3 to 5.31 percent on October 5. The Fed raised its target range to 3.75 to 4.00 percent on September 16 and held it there on October 28 in a 10 to 2 vote, with both dissenters preferring another increase and the statement saying "Inflation remains elevated."

Rates have since eased. The 10-year Treasury par yield was 4.90 percent on November 4, and Freddie Mac's average had fallen to 7.24 percent by October 29. The Fed's next meeting is December 8 to 9. Our guide on how the Fed affects mortgage rates explains the link. Nobody can tell you reliably where rates will be by the time you close, so this guide does not try.

How do you check whether your mortgage quote is competitive?

Run these five checks, ideally on the day you receive the quote.

1. Write down the whole quote. Note the rate, points, lender credits, A.P.R., lock length, and the date and time. If you have a Loan Estimate, those figures are on its pages, and our free Loan Estimate Decoder pulls out the rate, the A.P.R., and the lender charges in Section A.
2. Compare the rate with the same product's average. Use Freddie Mac for a conforming 30-year or 15-year fixed loan with strong credit and 20 percent down, and the MBA table above for other products.
3. Compare your A.P.R. with the APOR. Your A.P.R. folds in certain costs, and the APOR is itself an A.P.R., so this is a closer match than rate against rate. The federal rate spread calculator gives the gap for a given rate-set date and loan term; for the week of November 2, 2026, the published table shows 7.27 percent for a 30-year fixed loan and 6.73 percent for a 15-year. Under 12 CFR 1026.35, a first-lien loan on your main home is a higher-priced mortgage loan when its A.P.R. is 1.5 or more points above the APOR at conforming sizes, or 2.5 or more above it at larger sizes. At 7.27 percent, the conforming line is 8.77 percent. That line is a regulatory trigger, not a grade: the APOR describes low-risk loans, so a quote can sit above it because of your credit or down payment, and a quote below the line can still be beatable.
4. Price the points. One point is 1 percent of the loan amount, or $4,000 on $400,000. Illustrative: if that point lowers the rate from 7.50 to 7.25 percent, the payment falls by about $68 a month, and it takes about 59 months to recover the $4,000. Our guide to discount points has the method.
5. Get quotes from other lenders on the same day. This is the only check that tests your lender's pricing directly. In the most recent public measure we found, Freddie Mac researchers studied similar same-day applications, in a sample of 30-year conventional purchase loans with strong credit and 20 to 25 percent down. They reported that the dispersion of rates, measured as a standard deviation, averaged about 50 basis points in October and November 2022, against under 20 basis points on average from 2010 through 2021, and that in their simulation a second quote lowered the rate by an average of 20 basis points in 2022. Those are past averages, not a prediction for your loan. Even so, a CFPB report in 2015 found almost half of home purchase borrowers did not shop around. Our guide on how many lenders to compare covers how far to take it, and quotes need to be dated the same day because rate quotes expire.

Can you get a mortgage rate quote without giving personal information?

Yes for an estimate, no for a Loan Estimate. Under Regulation Z, a lender has an application once it holds six items: your name, income, Social Security number to obtain a credit report, the property address, an estimate of the property's value, and the loan amount you are seeking. It must then send a Loan Estimate within three business days. Anything before that is an estimate, and 12 CFR 1026.19(e) requires a written estimate specific to you to state at the top of its first page: "Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan."

The same rule limits what a lender can demand first. It cannot require documents verifying your information before it provides the Loan Estimate, and it cannot charge you a fee until you have received the Loan Estimate and said you intend to proceed, other than a reasonable fee for your credit report. Giving those six items is still a step worth timing, because a credit pull can set off calls from other lenders, even after the law that took effect in 2026 narrowed trigger leads.

The trade-off for anonymity is precision: an early estimate is only as good as the assumptions behind it, and it can change once your credit and income are verified. HomeTurf is built around that stage. You stay anonymous to lenders while they bid, HomeTurf does not pull your credit, and your credit range is self-reported. Lenders see ranges in Pre-Approval auctions, the exact rate and A.P.R. to beat plus ranges in Beat My Rate auctions, and exact property and loan figures in Purchase and Refinance auctions, because accurate offers depend on them. An offer on HomeTurf is an indicative quote, and the lender you choose issues its Loan Estimate once you apply.

Should you lock your mortgage rate today?

It depends on how close you are to closing and how much payment movement you can absorb, not on a forecast. Freddie Mac's average moved from 6.66 percent to 7.40 percent in the six weeks from late August to early October, which on a $400,000 loan is the difference between about $2,571 and $2,770 a month in principal and interest, and it has since fallen to 7.24 percent. Moves like that can run in either direction.

Before you lock, ask your lender four things: how long the lock lasts compared with your expected closing date, what an extension would cost, whether a float-down is available and on what terms, and what the lock costs at each length. Page 1 of a Loan Estimate shows whether the rate is locked and until when. Our guide to mortgage rate locks covers each of these. Any lock is between you and the lender you choose; HomeTurf does not lock rates or guarantee any rate.

How can you test your quote on HomeTurf?

If you hold a Loan Estimate, post it as a Beat My Rate auction. You enter the rate you hold, and its A.P.R. if you have it, and upload the Loan Estimate it came from, which HomeTurf checks before the auction goes live. Other lenders never see that file: only you and HomeTurf staff can open it, and it is deleted no later than 90 days after the auction closes. N.M.L.S.-verified, state-licensed lenders then bid against your rate inside one window of 12, 24, 36, or 48 hours, so offers arrive close together, though rates can move during a longer window. Each offer shows its rate, A.P.R., lender fees, and points exactly.

The free Loan Estimate Decoder can fill in those figures for you, and you upload the form again in the wizard. Our guide to HomeTurf's free mortgage tools covers that and the other three. If you hold only an informal quote, Beat My Rate is not the fit; a Pre-Approval, Purchase, or Refinance auction asks lenders to bid without one.

Lenders cannot pay for placement, and HomeTurf never selects, ranks as best, or recommends a lender. Only the lender you choose receives your contact details, and it must reach out within 36 hours. You can also keep the quote you have. As of November 2026, auctions are open in Colorado, Florida, North Carolina, Texas, and Wisconsin.

Frequently asked questions

Is 7 percent a good mortgage rate?

As of early November 2026, 7 percent is about a quarter point below Freddie Mac's 7.24 percent 30-year average and 0.30 below the MBA's 7.30 percent, so it is under the current national averages. It is still above the 2026 low of 5.98 percent and the 6.17 percent of a year earlier. Check how many points it carries, since a lower rate can be paid for at closing, and compare it with same-day quotes.

Is 6.875 percent a good mortgage rate?

As of early November 2026, 6.875 percent is about 0.37 below Freddie Mac's 7.24 percent 30-year average, so it is under the current national average. A quote that far below the average deserves one extra question: what is paying for it? It may carry discount points or a temporary buydown, or it may be an FHA, VA, or adjustable loan, whose averages differ. The A.P.R. and Section A of the Loan Estimate will show most of the answer.

What is a good rate for a 15-year fixed mortgage right now?

Freddie Mac's 15-year fixed average was 6.60 percent on October 29, 2026. The MBA's average for the week ending October 30 was 6.76 percent with 0.98 points, and the Average Prime Offer Rate for a 15-year fixed loan was 6.73 percent for the week of November 2. A 15-year quote near those figures is close to the national averages, and its points and A.P.R. decide the rest of the comparison.

Why is my mortgage rate higher than the national average?

A common reason is that the average describes a narrower loan. Freddie Mac's figure covers conventional purchase loans on owner-occupied, single-unit homes with a credit score of 740 or above and a loan-to-value ratio of 75 to 80 percent. A lower score, a smaller down payment, fewer points, a cash-out refinance, an investment property, a longer lock, or the lender's own pricing can each push a quote above it.

How often do mortgage rate benchmarks change?

Freddie Mac publishes its survey every Thursday at noon Eastern, covering the previous Thursday through Wednesday. The MBA releases its survey weekly, on Wednesdays in recent releases. The Average Prime Offer Rate table is updated at least weekly under Regulation Z. The Treasury publishes the 10-year par yield each business day. A quote should be judged against the most recent figures available on the day you received it.

Will getting several mortgage quotes hurt my credit?

The Consumer Financial Protection Bureau says that multiple credit checks from mortgage lenders within a 45-day window are recorded on your credit report as a single inquiry, so the impact is the same however many lenders you consult, as long as the last check falls within 45 days of the first. An estimate that does not involve a credit pull has no effect on your credit at all.

Test the number, not the headline

A national average tells you whether a quote is in the conversation. Points, your own loan's details, and same-day offers tell you whether it is competitive. When you are ready to see what verified lenders will offer on your terms, you can Start Your Auction. HomeTurf is a technology marketplace, not a lender or loan originator, and it is free for borrowers.

Remember that this is general information, not financial advice, and every situation is different.

Sources

• Freddie Mac, Primary Mortgage Market Survey, October 29, 2026, and weekly history since 1971: freddiemac.com
• Freddie Mac, Freddie Mac's Newly Enhanced Mortgage Rate Survey Explained, November 3, 2022: freddiemac.com
• Freddie Mac, When Rates Are Higher, Borrowers Who Shop Around Save More, February 16, 2023: freddiemac.com
• Mortgage Bankers Association, Weekly Mortgage Applications Survey, release of November 4, 2026 for the week ending October 30, 2026: mba.org
• Consumer Financial Protection Bureau and FFIEC, HMDA Rate Spread Calculator: ffiec.cfpb.gov
• Average Prime Offer Rates, fixed-rate table, week of November 2, 2026: files.ffiec.cfpb.gov
• Consumer Financial Protection Bureau, Regulation Z, 12 CFR 1026.2(a)(3), definition of application: consumerfinance.gov
• Consumer Financial Protection Bureau, Regulation Z, 12 CFR 1026.19(e), Loan Estimate delivery and predisclosure limits: consumerfinance.gov
• Consumer Financial Protection Bureau, Regulation Z, 12 CFR 1026.35(a), higher-priced mortgage loans and the average prime offer rate: consumerfinance.gov
• Consumer Financial Protection Bureau, Explore interest rates: consumerfinance.gov
• Consumer Financial Protection Bureau, What happens when a mortgage lender checks my credit?: consumerfinance.gov
• Consumer Financial Protection Bureau, CFPB Report Finds Nearly Half of Borrowers Do Not Shop for a Mortgage, January 13, 2015: consumerfinance.gov
• Board of Governors of the Federal Reserve System, FOMC statement, October 28, 2026: federalreserve.gov
• Board of Governors of the Federal Reserve System, Paying Too Much? Price Dispersion in the U.S. Mortgage Market, FEDS 2020-062: federalreserve.gov
• U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates: treasury.gov

HomeTurf is a technology marketplace, not a lender or loan originator. This content is for general information only and is not financial or legal advice.