Updated November 10, 2026. After climbing for much of the fall, mortgage rates are finally easing. The average 30-year fixed rate has now fallen three weeks in a row. Here's where rates stand today, what's driving them and what it means if you're buying or selling in San Francisco, Marin or Sonoma County.
Where mortgage rates stand right now
According to Freddie Mac's weekly survey released November 5, 2026:
| Loan type | This week | Last week | A year ago |
|---|---|---|---|
| 30-year fixed | 7.18% | 7.24% | 6.22% |
| 15-year fixed | 6.57% | 6.60% | 5.50% |
The 30-year rate has dropped from 7.32% in late October to 7.18% today. That's good news, but rates are still about a full percentage point higher than a year ago, and well above this year's low of about 6.09%. Freddie Mac's next weekly update comes out this Thursday, November 12.
These are national averages. Your actual rate depends on your credit score, down payment, loan size, points and lender.
What's driving rates
The Federal Reserve is holding steady. On October 28, the Fed kept its benchmark rate at 3.75% to 4.00%, after raising it a quarter point in September. Two Fed officials voted for another increase, and the Fed said inflation remains elevated. Its next meeting is in December.
Inflation and oil prices. The conflict in the Middle East has pushed oil prices and inflation higher this year, which helped lift mortgage rates off their 2026 lows. Any progress toward easing that conflict could help bring inflation and rates down.
Jobs and the economy. Recent job numbers have been strong. That supports housing demand over time, but a hot economy can also push bond yields up and slow any further drop in mortgage rates.
What it means in real dollars
In the Bay Area, small rate moves add up quickly. On a $1,000,000 loan, the monthly principal and interest payment is about:
- $6,869 at 7.32% (late October)
- $6,774 at 7.18% (today)
- $6,138 at 6.22% (a year ago)
The recent drop saves about $95 a month on a $1 million loan compared with just a few weeks ago. Taxes, insurance and any HOA dues are extra.
What this means for buyers
- You have more leverage. Nationally, about 43% of active listings have had a price cut, and buyers face less competition than in recent years.
- Shop more than one lender. Freddie Mac estimates buyers who compare several lenders can save $600 to $1,200 a year.
- Ask about options. A rate lock, buying down your rate with points, or a seller credit toward your rate can make a real difference.
- Don't wait for perfect. If you find the right home, you can buy now and look at refinancing if rates fall later.
What this means for sellers
- Pricing matters more than ever. With higher rates, buyers are watching every dollar. Homes priced right from day one still sell well.
- Presentation counts. A clean, well-prepared, well-marketed home stands out when buyers have more choices.
- Consider buyer incentives. Offering a credit to help a buyer lower their rate can attract more offers than a price cut of the same size.
Want a clear picture for your situation?
Rates change every week, and every neighborhood is different. Whether you're buying, selling or just watching the market, we're happy to walk you through the numbers and connect you with trusted local lenders.
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Sources: Freddie Mac Primary Mortgage Market Survey (November 5, 2026), via RISMedia; Federal Reserve FOMC statement, October 28, 2026; Bankrate; Fortune. Payment examples are principal and interest only, for illustration. This article is for general information and is not financial advice. Rates are national averages and change frequently.