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Wednesday, November 11, 2026 · Source: Optimal Blue OBMMI™
Mortgage rates made a sharp move higher on Wednesday, with five of six loan types jumping double digits in a single day. The 30-year conforming rate surged 12 basis points to 7.16%, erasing much of the progress made over the past two weeks and pushing rates back toward levels last seen in late October.
The bond market was thinly traded today due to the Veterans Day federal holiday — and thin markets can amplify rate moves in either direction. Today’s jump may partly reflect that dynamic rather than a fundamental shift in the rate outlook.
Today’s Mortgage Rates — November 11, 2026
- 30-Year Fixed Conforming: 7.16% ▲0.12
- 30-Year Fixed Jumbo: 7.24% ▲0.15
- 30-Year FHA: 6.98% ▲0.11
- 30-Year VA: 6.77% ▲0.13
- 30-Year USDA: 7.01% ▲0.18
- 15-Year Fixed: 6.40% ▼0.14
All data sourced from the Optimal Blue Mortgage Market Indices (OBMMI™), which tracks real locked-loan pricing across thousands of daily transactions — not survey estimates.
What’s Behind Today’s Jump?
When bond markets operate with reduced volume — as they do on federal holidays — it takes less activity to move yields, and mortgage rates follow. Wednesday’s sharp move higher should be interpreted with that context in mind. It doesn’t necessarily signal a new trend; it may simply reflect exaggerated movement in a thin market.
That said, rates have now given back a meaningful portion of their early-November gains. Conforming is back above 7.15%, jumbo is creeping toward 7.25% again, and USDA — which had fallen as low as 6.82% last week — is back above 7%. For buyers who were watching rates drift lower and waiting for the right moment, today is a reminder that this market doesn’t wait.
The One Bright Spot — 15-Year Fixed
While every other loan type moved sharply higher, the 15-year fixed bucked the trend — dropping 14 basis points to 6.40%. This kind of divergence between the 15-year and 30-year happens when different parts of the yield curve move independently.
At 6.40%, the 15-year fixed is now 76 basis points below the 30-year conforming rate — one of the widest gaps in recent months. For buyers who can handle a higher monthly payment, the long-term interest savings are substantial. On a $400,000 loan, choosing the 15-year over the 30-year saves roughly $180,000 in total interest over the life of the loan.
VA Loans Still Lead for Eligible Borrowers
Even after today’s 13-basis-point jump, VA loans remain the most competitive rate on the board at 6.77% — nearly 40 basis points below conforming. For veterans and active service members, that gap is worth real money: on a $500,000 loan, the VA rate advantage translates to roughly $135 less per month compared to a conventional conforming loan.
If you’re eligible for a VA loan and haven’t explored it, today’s rate environment makes it one of the most compelling options in the market.
What to Watch
With bond markets returning to normal volume Thursday, we’ll get a cleaner read on where rates actually want to settle. If today’s move was holiday-driven noise, some of it could reverse tomorrow. If it holds or extends, it signals that the brief window of sub-7.10% conforming rates may have closed.
Either way, rate volatility remains the defining characteristic of this market. Buyers and those considering a refinance should have a rate lock strategy in place — not a plan to time the market perfectly, but a clear threshold at which locking makes sense for their situation.
Rates are averages of locked loans and are not an offer to lend. Individual rates vary by credit, loan-to-value and lender. TodaysMortgage.us is not a lender. Data: Optimal Blue OBMMI™.