Mortgage rates fell for a fourth straight week. The average 30-year fixed rate dropped to 7.11% in Freddie Mac’s weekly survey released Thursday, Nov. 12, 2026, down from 7.18% the week before. Freddie Mac said it is the lowest average in seven weeks. Here is what that means for buyers and owners in Stearns and Benton counties.
This week’s mortgage rates
- 30-year fixed: 7.11%, down from 7.18% last week. A year ago it averaged 6.24%.
- 15-year fixed: 6.45%, down from 6.57% last week. A year ago it averaged 5.49%.
Freddie Mac chief economist Sam Khater said the decline “gives borrowers greater flexibility as they navigate the current housing market.”
Freddie Mac’s Primary Mortgage Market Survey averages rates on applications from lenders across the country for borrowers who put 20% down and have excellent credit. Rates you are quoted can be higher or lower depending on your credit, down payment, loan type and fees.
What the rate means in dollars
On a $300,000 loan, monthly principal and interest (not counting taxes, insurance or mortgage insurance) works out to about:
- 30-year at 7.11%: about $2,018 a month, roughly $14 less than at last week’s 7.18%.
- 30-year at 6.24% (a year ago): about $1,845 a month.
- 15-year at 6.45%: about $2,605 a month, with the loan paid off in half the time.
These are our own calculations using the survey averages and are rounded to the nearest dollar.
Tips for buyers and owners
- Shop more than one lender. Compare loan estimates on the same day so the rates and fees line up.
- Ask about a rate lock. Find out how long a lock lasts and what it costs to extend it.
- First-time buyer? Read our guide to Minnesota Housing’s Start Up program.
- Property tax notices arrive in November. See our Truth in Taxation guide.
- Bought this year? Apply for homestead by Dec. 31. See our homestead deadline guide.
- Local sales: See our September home sales report for Stearns and Benton County. October figures were not posted when we checked.
- Last week’s numbers: Mortgage rates, Nov. 5 edition.
This real estate report is from LPT Realty.
Sources: Freddie Mac Primary Mortgage Market Survey (released Nov. 12, 2026); Federal Reserve Bank of St. Louis FRED: 30-year and 15-year fixed rate averages. Checked Nov. 12, 2026.
Market figures and rates change often and are for general information only. Please confirm details yourself with your lender or a licensed professional before making decisions.
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