November Mortgage Outlook: Rates on the Rise

The Federal Reserve cut its benchmark interest rate last week, but the average rate on a 30-year fixed mortgage jumped 20 basis points following the announcement.

Mortgage rates took a step or more higher today. According to Zillow, the 30-year fixed mortgage rate moved up one basis point to 6.12%, while the 15-year fixed rate rose five basis points to 5.63%

Here are the current mortgage rates, according to our latest Zillow data: – 30-year fixed: 6.12% – 20-year fixed: 5.91% – 15-year fixed: 5.63% – 5/1 ARM: 6.50% – 7/1 ARM: 6.47%

Again, the numbers provided are national averages rounded to the nearest hundredth. Refinance rates are usually higher than purchase rates.

A mortgage calculator can help you see how various mortgage term lengths and interest rates will affect your monthly payments.

The Fed decreased its rate again at its November and December meetings (by 25 bps each time). However, it paused for months to consider the next move.

Mortgage rates aren't expected to move much by the end of 2025. As the Federal Reserve considers all relevant

financial factors before its next meeting in December, even another short-term interest rate cut is in doubt.