Overview
- As of November 6, Zillow reports an average 30-year purchase rate of 6.125% and a 15-year rate of 5.50%.
- Refinance averages are higher, at 6.87% for a 30-year term and 5.80% for a 15-year term, underscoring a gap between purchase and refi pricing.
- The Federal Reserve delivered a second straight policy-rate cut on October 29, and Chair Jerome Powell emphasized caution due to uncertainty.
- Fannie Mae projects the 30-year average at 6.2% to start 2026 and 5.9% by year-end, while the Mortgage Bankers Association pegs 2026 near 6.4%; both forecasts predate the latest Fed move.
- Many experts expect rates to stay roughly within 5.5%–6.5% next year, with the 10-year Treasury, inflation readings, and employment data shaping the path as potential data delays complicate visibility.