Mortgage Rates Today, Monday, November 10: A Little Higher

Today, mortgage rates saw a slight increase but are still comfortably below 6.25%.

The average interest rate for a 30-year fixed-rate mortgage is now at 6.16% APR, as reported by Zillow to BW. This is a two basis point increase from yesterday but one basis point lower than last week. (Refer to the chart below for more detailed information.) A basis point represents one one-hundredth of a percentage point.

The potential reopening of the government could have a positive impact on the markets and lead economists to be more optimistic about a third consecutive rate cut from the Federal Reserve in December. This could result in lower mortgage rates.

Note: We understand that you visit us for daily rate updates, but please note that we will be closed tomorrow for the Veterans Day holiday. We will return with fresh data on Wednesday.

Mortgage rates are subject to constant fluctuations, as they are heavily influenced by reactions to new inflation reports, job figures, Federal Reserve meetings, global developments, and various other factors. Even minor changes in the bond market can impact mortgage rates.

There are optimistic signs that the federal government may soon reopen. This is significant considering the disruptions and challenges caused by the shutdown to a large portion of the American population.

For us at BW trying to predict the direction of mortgage rates, the resumption of data collection and dissemination from federal agencies would be a major development. Without this data, we, along with economists, market analysts, and the Federal Reserve, have been making do with information from private sources. While these alternative sources have been valuable, we are eagerly awaiting the official data.

Even if the government reopens today, it is unlikely that we will receive the highly anticipated report for this week: October’s Consumer Price Index, or CPI, scheduled for release on Thursday, Nov. 13. The CPI tracks changes in expenses and is a key indicator of inflation. Rising inflation increases the likelihood of the Federal Reserve raising interest rates to curb it, whereas lower inflation makes it safer to reduce interest rates.

During the shutdown, we only had access to September’s CPI data, as employees of the Bureau of Labor Statistics were called back to work on Oct. 24 for a delayed data release. However, these employees were working with data collected before the shutdown. It is possible that October’s data may be skipped, and November’s data could be incomplete, as the BLS typically collects pricing information throughout the month. With the government closed for the entirety of October 2025, the records for that month may have some limitations.

Restoring normal data collection will undoubtedly provide more clarity on future projections. However, we are aiming to gain insights sooner. The Federal Reserve’s upcoming meeting on Dec. 9-10 has created divided opinions in the market on whether there will be another rate cut or if rates will remain unchanged. Mortgage rates could increase if lenders adopt a more cautious approach or decrease if there is anticipation of a rate cut.

Refinancing might be beneficial if today’s rates are at least 0.5 to 0.75 percentage points lower than your current rate (and if you plan to remain in your home long enough to recoup the closing costs).

Given the current rate environment, it could be worth considering refinancing if your current rate is around 6.66% or higher.

Additionally, consider your objectives: Are you looking to reduce your monthly payments, shorten your loan duration, or convert home equity into cash? For instance, you might be willing to accept a higher rate for a cash-out refinance if the overall costs are lower than keeping your original mortgage and adding a HELOC or home equity loan.

If you are seeking a lower rate, utilize BW’s refinance calculator to estimate savings and comprehend the time required to recover the refinancing costs.

The ideal time to start shopping varies for each individual — the key factor is whether you can comfortably manage a mortgage at today’s rates.

If the answer is yes, do not get too fixated on potentially missing out on lower rates in the future; you can always refinance later on. Concentrate on getting preapproved, comparing offers from different lenders, and determining a monthly payment that aligns with your budget.

BW’s affordability calculator can assist you in estimating your potential monthly payment. If purchasing a new home is not feasible at the moment, there are steps you can take to enhance your buyer profile. Use this time to reduce existing debts and increase your down payment savings. Not only will this improve your cash flow for future mortgage payments, but it may also secure you a better interest rate when you are ready to make a purchase.

If you have received a quote that satisfies you, consider locking in your mortgage rate, particularly if your lender offers a float-down option. A float-down feature enables you to benefit from a lower rate if the market experiences a decline during your lock-in period.

Rate locks shield you from rate hikes while your loan is being processed, and given the ever-changing market conditions, this peace of mind can be invaluable.

The advertised rate you see is a representative rate — typically for a borrower with excellent credit, making a substantial down payment, and paying for mortgage points. This may not align with every buyer’s specific circumstances.

In addition to external market factors beyond your control, your personalized quote is influenced by factors such as:

• Location and type of property

Even individuals with similar credit scores can receive different rates based on their overall financial profiles.

Possibly — but even personalized rate quotes can fluctuate until you lock them in. Lenders adjust their pricing multiple times a day in response to market movements.