Mortgage rates just fell for the third week in a row. That is the good news. The less fun news: they are still a full point higher than they were a year ago. So what does a number like 7.18% actually do to a Hampton Roads monthly payment, and does it change anything before the holidays? Here is the plain-English version, with real numbers.
The Rate, in One Paragraph
Freddie Mac's weekly survey put the average 30-year fixed rate at 7.18% on November 5, 2026, down from 7.24% the week before. The 15-year averaged 6.57%, down from 6.60%. A year ago the 30-year was 6.22%. Freddie Mac's chief economist, Sam Khater, said mortgage rates "continued their downward trajectory this week."
One caveat that matters: Freddie's number is for borrowers with 20% down and excellent credit. Your quote can be higher or lower depending on credit, down payment, loan type and points. Treat it as a weather report, not a price tag.
What 0.96 Points Does to Your Payment
Numbers beat adjectives, so here is the principal-and-interest payment on a 30-year fixed loan at this week's rate versus a year ago. This is my own arithmetic and leaves out taxes, insurance and mortgage insurance.
- $300,000 loan: about $2,032 a month at 7.18%, versus about $1,841 at 6.22%. That is roughly $191 more per month.
- $350,000 loan: about $2,371 a month at 7.18%, versus about $2,148 at 6.22%. Roughly $223 more per month.
It is real money, but it is also not the difference between a yes and a no for most households. Which brings up the question I hear most: should you wait? Nobody can call the next rate move, and if rates drop and demand returns, prices tend to rise with it. A better question is whether the payment works today, and whether you could refinance later if rates fall. I walk through that thinking in Everyone Is Waiting on Rates.
A Snapshot of Hampton Roads Right Now
Here is how detached homes looked across the seven big cities, per an October 2026 Hampton Roads market post by local agent Liz Schuyler of RE/MAX Allegiance, which draws on REIN MLS data and excludes waterfront and new construction. Median sale price, median days on market, and months of supply:
- Virginia Beach: $470,000 · 32 days · 1.2 months
- Chesapeake: $450,000 · 38 days · 1.5 months
- Suffolk: $420,962 · 42 days · 2.3 months
- Norfolk: $340,000 · 34 days · 1.3 months
- Hampton: $314,000 · 41 days · 1.6 months
- Newport News: $299,950 · 40 days · 1.6 months
- Portsmouth: $299,500 · 34 days · 1.3 months
Two things jump out. First, the spread: you can buy a detached home in Portsmouth or Newport News for well under what the median costs in Virginia Beach. Second, supply is tight everywhere. Months of supply that low (the post itself treats under six months as seller-leaning) means decent homes do not sit forever. Curious where each city fits your commute or your base? Start with the city guides and the neighborhood profiles.
Takeaway
Lower rates help your payment a little. Tight inventory still decides how fast you have to move. Both are worth planning around.
Five Questions to Ask Any Lender This Week
A rate by itself tells you very little. When you talk to a lender, ask for the whole picture:
- What is the annual percentage rate (APR), not just the interest rate? The APR rolls many costs into one comparable figure.
- Are points included? Paying points can lower the rate, but you need to know how long it takes to earn that money back.
- How long will the rate lock last, and what does an extension cost if closing slips?
- What are the total closing costs, in writing, on a Loan Estimate?
- What would the payment be with taxes, insurance and mortgage insurance, not just principal and interest?
Get at least two or three quotes on the same day, so you are comparing like with like. Rates move daily, and a quote from last week is already stale. Shopping around is one of the few things in this process that is fully in your control, and it can matter as much as the headline number.
One more thing from the field: the payment you are comfortable with is a personal number. I would rather help you find a home that fits your budget with room to breathe than stretch to the maximum a lender approves. A house should not make every month feel tight.
If You Are Buying
Late fall can be a quiet window. Fewer people tour in the weeks around Thanksgiving, which can mean less competition on the homes that are listed. A few moves that help right now:
- Get a real pre-approval, not a quick online estimate, and ask the lender to show you the payment at today's rate and one point lower.
- Ask about down payment help. Virginia has programs worth checking; I list them in the down payment assistance guide.
- Check the flood zone early. Insurance can change a payment more than a quarter-point of rate. See flood zones for buyers.
- Plan to revisit. If rates fall later, a refinance may be an option. No one can promise that, so buy a payment you can live with today.
If You Are Selling
Tight inventory is your friend, but buyers are watching their monthly payment closely, so pricing and condition matter. Homes that look ready, photograph well and are priced to the current market tend to attract the attention. The Seller Hub has my prep checklist, and List Now or Wait? covers the timing question.
VA Buyers: Do Not Skip This
If you are active duty, a veteran or a surviving spouse, a VA loan can mean no down payment and no monthly mortgage insurance, which changes the math above in your favor. Rates and terms vary by lender, so compare. The Military & PCS Hub and the Mortgage Hub are the best places to start.
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Sources: Freddie Mac Primary Mortgage Market Survey, November 5, 2026; Liz Schuyler (RE/MAX Allegiance), Hampton Roads October 2026 market stats, using REIN MLS data. Payment figures are my own principal-and-interest calculations and are estimates only. This is general information, not lending or financial advice.