Mortgage rates decline on Nov 5 as 30 year fixed drops

U.S. mortgage rates recorded general declines on Nov. 5, 2026, according to reports from Fortune and Forbes. Forbes reported that the 30-year mortgage rate dropped to a one-month low. Fortune and Forbes both reported that refinance rates and overall mortgage rates fell across the board. [3][4][5]

Outlets reported differing specific figures for the average benchmark rates on Nov. 5. U.S. News - Money reported that mortgage rates dipped to 7.193 percent. Meanwhile, the Wall Street Journal reported that 30-year mortgage rates dropped to 7.22 percent. [6][7]

Bankrate reported that mortgage rates have remained consistently between 6 percent and 7 percent since the Federal Reserve raised interest rates in 2022. Home prices surged following historically low rates at the beginning of the 2020s, and prices remain elevated despite the subsequent interest rate increases. The residential mortgage market began after the Federal Housing Administration was created in 1934, which introduced the 30-year fixed-rate mortgage during the Great Depression. [1]

Adjustable-rate mortgages, also known as variable-rate or tracker mortgages, periodically adjust interest rates based on an index that reflects the borrowing costs of the lender. Lenders may offer these loans at their standard base rate or change rates at their discretion when no direct link to an index exists. [9]