Mortgage interest rates have given homebuyers and homeowners some breathing room in recent weeks. After climbing to painful highs earlier this year, borrowing costs have started to ease as the Federal Reserve adjusts its approach and economic conditions shift. For many Americans who’ve been priced out or waiting on the sidelines, this could represent a meaningful opportunity. In recent weeks, mortgage rates have hovered near three-year lows, opening up new, more affordable opportunities.But the path forward remains uncertain. Inflation pressures persist, economic data sends mixed signals and policy decisions continue to influence mortgage pricing. To help you navigate the current rate environment, we spoke with three home lending experts to determine their November mortgage rate forecasts and practical advice for your next move. Below, we’ll break down what to know right now.See how low your current mortgage rate offers are here.What’s the mortgage interest rate forecast for November 2025?Steven Glick, director of mortgage sales at real estate investment fintech company HomeAbroad, forecasts 30-year fixed rates will settle between 6.1% and 6.3% by month’s end, assuming no major curveballs.Other experts see similar momentum. Mortgage rates are already lower than they were compared to the start of 2025 and “current market conditions suggest there may still be room for improvement,” notes Debbie Calixto, sales manager at mortgage lender loanDepot.Grace Maxwell, broker and owner of Virginia-based mortgage brokerage Canter Financial, observes that rates are in a slow downward trend based on market movements throughout the year. The following factors will shape the direction of mortgage costs in November:Federal Reserve policyThe Fed’s recent rate cuts have helped push mortgage rates down from the approximate 7% range they were found in in January. On October 29, it delivered another quarter-point cut, bringing the federal funds rate to a range of 3.75% to 4.0%.This cut was already priced into current rates, so “the focus will be on what Fed Chair Jerome Powell says next,” Calixto emphasizes. “If the Fed shows more concern about jobs or hints that more rate cuts are coming, mortgage rates could move lower.”One key factor to watch is how the Fed reduces assets in the market, which could support both Treasury yields and mortgage rates. Glick believes that hints at December easing could shave five to 10 basis points off rates, though a hawkish surprise could push rates back toward 6.4%.Compare your current mortgage rate offers here to learn more.Bond market movements”The 10-year Treasury bond is the benchmark for mortgage rates,” Maxwell says. Right now, the 10-year yield is hovering around 4.0%, which helps explain why 30-year fixed rates are sitting in the low-6% range.Rising 10-year yields usually push mortgage rates higher, while falling yields help bring them down. Calixto notes that both are impacted by expectations around growth and inflation. The connection is strong enough that the Treasury yield acts as an early indicator of where mortgage rates might head next.The speed of these movements matters for borrowers. Glick points out that “a jump to 4.2% could mean 6.5% mortgages overnight.”Inflation trendsInflation remains a key factor preventing more dramatic mortgage rate drops. The latest Consumer Price Index (CPI) was softer than many had anticipated. Calixto highlights that “rent, one of the largest and stickiest parts of inflation, is finally reflecting the cooling we’ve seen in the housing market throughout the year.”But the Fed’s 2% inflation target is still out of reach. Glick describes inflation as “the stubborn gremlin,” pointing out that the last report showed inflation at 3%. This keeps yields elevated and prevents mortgage rates from sliding further. “For a real November slide, say to 6%, we’d need CPI to dip below 2.8% month-over-month, especially on shelter and food costs,” he says.What borrowers and refinancers should do nowThe prevailing advice is to lock in a rate if you find one that fits your budget. “Locking today gives you certainty and peace of mind,” Calixto says. “And if rates do move lower, you can always refinance later.”Glick agrees, especially for borrowers under contract who can secure rates below 6.2%. “Rates are at a 2025 low, and waiting risks a rebound on hot data,” he cautions.For refinancers, Maxwell suggests asking lenders about a slightly higher rate with credits toward closing costs for a faster break-even. “That way, if rates have gone down more in six months, you’ll be no worse off for having to do it twice,” she explains.The bottom lineExperts expect mortgage rates to stay in the low-to-mid 6% range through November, with modest improvement possible if economic data continues to cool. Key reports to watch include November jobs numbers, mid-November inflation data and Fed meeting minutes. If you’re ready to move forward, get rate quotes from at least three lenders to compare options. Don’t let the pursuit of perfect timing keep you from making a move that aligns with your financial goals.
