· @John
Mortgage rates have dropped three weeks in a row. It's a small move, but after 20 years of helping Chicagoland families buy homes, I've learned that small moves can open real opportunities. Here's where rates stand and what I'd do now.
Where rates are right now
Freddie Mac's weekly average for the 30-year fixed is now 7.18%, down from 7.24%. Here's what lenders were quoting this week:
|
Loan type |
Rate |
|---|---|
|
30-year fixed (conventional) |
~7.20% |
|
15-year fixed (conventional) |
~6.60% |
|
30-year FHA |
~6.94% |
|
30-year VA |
~6.94% |
|
5/1 ARM |
~6.22% |
FHA and VA rates are running below conventional, which is good news for first-time buyers and veterans.
What's moving rates this week
Mortgage rates tend to follow the 10-year Treasury yield, which slipped to about 4.84%. This week's inflation reports (CPI and PPI) could push rates lower if they come in cool, or wipe out the recent gains if they run hot.
Fannie Mae and the Mortgage Bankers Association both expect the 30-year to stay around 7.2% to 7.5% into 2027. If you're waiting for 5%, you could be waiting a long time.
What this means for Chicagoland buyers and sellers
On a $400,000 loan, a drop to 7.00% would save you about $65 a month compared with last week's rate.
Buyers: Late fall brings less competition and more motivated sellers, so you have room to negotiate on price, repairs, and closing cost credits.
Sellers: Every dip in rates brings more buyers back, from the city out to Naperville, St. Charles, Geneva, Aurora, and Elgin. Price your home right, get it show-ready, and think about offering a closing cost credit.
My advice
Don't try to time the bottom. Be ready to move when the right home and the right rate line up:
- Get pre-approved now, so you can act fast if rates dip.
- Ask your lender about locking vs. floating, especially if you're already under contract.
- Compare every loan option, including FHA, VA, and ARMs, and think in monthly payments, not just price.
Thinking about buying or selling in Chicago or the western suburbs? Call or text me at 630-675-0188, or email john@centerlinepropertygroup.com.
Rates in this post are averages as of early November 2026 and are not loan offers. Your rate depends on your credit, down payment, and loan type.