Four weeks of declines, and then Thursday happened. The weekly survey says rates are the lowest in seven weeks; the daily numbers say they just took a step back up. Both are true, and the gap between them matters if you’re about to lock.
The numbers
- 30-year fixed: 7.11% — down from 7.18% last week, the fourth straight weekly decline and the lowest reading in seven weeks, per Freddie Mac’s weekly survey released November 12.
- 15-year fixed: 6.45% — down from 6.57%.
- A year ago the 30-year averaged 6.24% and the 15-year 5.49%, so we’re still about 0.9 of a point above last fall.
- Today’s daily index (tracked on my rates page, Nov 13): 30-year fixed 7.42% (up 0.12), 15-year 7.00%, FHA 7.00%, VA 7.01%.
Why the split? Freddie Mac averages applications from earlier in the week. Since then, bond yields spiked. Treat 7.11% as where rates were and 7.42% as where a lock starts today. These are national averages, not quotes — your rate depends on credit, down payment, loan type and lock date.
Why rates moved back up
Mortgage rates follow the 10-year Treasury, and the 10-year pushed back above 5% this week after a hot October inflation report and growing talk that the Fed’s next move could be a hike, not a cut. A weak 30-year Treasury auction added fuel. I break that down in my companion post on the Fed-hike bets.
What a $350,000 DFW home costs right now
Picture a first-time buyer in Fort Worth, Arlington or Garland eyeing a $350,000 house that needs a kitchen and floors. With our 0% down + up to $70,000 renovation program (primary residence only — a homebuyer program, never an investor loan), you buy and renovate on one loan, and down payment assistance covers what you’d normally bring.
| 30-year fixed on $350,000 | Rate | Principal & interest |
|---|---|---|
| Last year’s average | 6.24% | $2,153 |
| Freddie Mac survey | 7.11% | $2,354 |
| Daily index today | 7.42% | $2,428 |
That 0.31-point gap is about $74 a month. Taxes, insurance and mortgage insurance are extra — in most DFW suburbs budget roughly $600–$900 a month on top for a home in this range.
The renovation piece: cosmetic and non-structural work (kitchen, baths, floors, paint) by a licensed, insured contractor, work starting within 30 days of closing and finishing within 9 months, funded in draws with a contingency and an after-repair appraisal. One to four units, home at least a year old, credit from 580, no first-time-buyer requirement. Full details.
What about a 15-year?
At 6.45%, the same $350,000 runs about $3,039 a month in principal and interest — roughly $685 more than the 30-year at 7.11%, but you’re debt-free 15 years sooner and pay a fraction of the interest. If your income supports it, it’s the best forced-savings plan in real estate.
What a $300,000 fix & flip looks like this week
Investor loans are a different world. Fix & flip, ground-up construction, bridge and DSCR are business-purpose loans that price on the deal, not on Freddie Mac’s survey.
- Close in 3–5 days, not 30–45
- 0–10% down, depending on the deal; no experience required
- Rehab funded in draws, interest-only during the project
- Pricing is deal-by-deal (after-repair value, leverage, timeline), so I’d rather quote your actual property than post a number that doesn’t fit it
When retail rates wobble, the investor who can close in a week beats the buyer whose financing is still in underwriting. Investor programs.
🎯 The Néstor Caussade Team can help
If you’re buying, building, flipping or refinancing anywhere in Dallas–Fort Worth or across Texas, this is what we do all day. DFW Mortgage Pros — The Néstor Caussade Team is DFW’s authority on construction loans, fix & flip and rehab lending for investors, and the go-to team for first-time buyers who want 0% down with up to $70K to renovate their own home. Thirteen years of closing the deals other lenders turn down, in English, Spanish and ASL. Free consultations on buying, investing, refinancing and lowering your rate — especially if you’ve been told no somewhere else.
Bottom line
- Freddie Mac 30-year 7.11%, 15-year 6.45% — a fourth weekly drop, lowest in seven weeks
- Daily rates jumped to 7.42% after yields spiked, so the survey is a rear-view mirror
- On $350K, the gap is about $74 a month; the price you negotiate matters more than a tenth of a point
- 0% down + renovation (primary residence) keeps your cash in your pocket; investor loans close in days
- If your deal works at today’s rate, lock — you can refinance later, but you can’t re-buy the house
See what you qualify for in 2 minutes — no credit pull, a real person follows up. Or text me at 817-697-4281 with the address or price range you’re looking at. Hablo español.
Rates and programs shown are examples, change without notice and are not a commitment to lend. All loans subject to credit approval. NMLS #1538512 · NXT Mortgage, a division of NEXA Mortgage, LLC, NMLS #1660690. Equal Housing Opportunity.
