Mitir Patel/Insights/November 9, 2026
Rates dipped to 7.18%, and more sellers are cutting prices.
Mortgage rates eased for a third straight week. The average 30-year rate was 7.18% in Freddie Mac's November 5 survey, down from 7.40% in mid-October but still above 6.22% a year ago.
On a $400,000 loan, principal and interest comes to about $2,710 a month. That's roughly $60 less than in mid-October, and about $255 more than a year ago.
Sellers are adjusting, too. In October, about 6,100 Chicago-area listings had a price cut, up from about 5,700 in September, and the typical asking price slipped to $380,000 from about $389,000 in September, according to Realtor.com.
For a buyer, that can mean more room to negotiate. It isn't a forecast. Know your monthly limit before you tour.
Have a question about your own numbers? I'm glad to talk it through.
Where the numbers come from
- 30-year fixed mortgage rate — 7.18%, down from 7.24% prior week; 6.22% a year ago (as of Survey of Nov 5, 2026 (latest release)) · Freddie Mac Primary Mortgage Market Survey
- Third straight weekly decline; 7.40% in mid-October — 7.40% Oct 8 and Oct 15, 7.32% Oct 22, 7.24% Oct 29, 7.18% Nov 5 (as of Oct 8 – Nov 5, 2026) · Freddie Mac PMMS via FRED
- Monthly payment illustration, $400,000 loan, 30 years — Computation: principal + interest $2,709.74 at 7.18% vs $2,769.52 at 7.40% (−$59.78, "mid-October" = Oct 15 survey) and $2,455.07 at 6.22% (+$254.67). Excludes taxes, insurance, HOA (as of Rates as of Oct 15 and Nov 5, 2026; Nov 6, 2025) · —
- Listings with a price reduction, Chicago metro (Chicago-Naperville-Elgin) — 6,112 in October 2026, up from 5,720 in September 2026 ("about 6,100", "about 5,700"; "more sellers" in the title) (as of October 2026) · Realtor.com Residential Listings Database via FRED
- Median listing (asking) price, Chicago metro — $380,000 in October 2026 vs $389,450 in September 2026 (as of October 2026) · Realtor.com October 2026 Housing Report
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