Mortgage Rates Update: November 13th, 2025
- Jeff Hulett
- Nov 14
- 1 min read
After several weeks of favorable declines, the housing market faced a slight headwind for the week ending November 13th, 2025, as the 30-year fixed mortgage rate experienced a notable increase. The rate rose by 7 basis points (bp), settling at 6.24%. This move defied expectations set by the Treasury market, where the 10-Year T-Note rate actually decreased by 1bp.
Upcoming releases:
Next new jobs Oct 3 (Fed Govt shutdown, no data released)
Next CPI release is Nov 13 (Fed Govt shutdown, delayed till 10.24.25. Rose from 2.9% to 3.0%. No release 11.13)
Next Fed meeting is Dec 10 (Oct 29 Fed reduced rates 25bp again, 2nd time in 2 meetings)
Key Developments
This divergence resulted in an expansion of the mortgage-Treasury spread by 8bp. The widening spread, a key indicator of risk pricing in the mortgage-backed securities market, suggests that lenders and investors remain cautious despite minimal movement in the underlying benchmark yield.
Key market metrics as of 11/13/2025 are:
The 30-Year Fixed Mortgage Rate is 6.24%.
The 10-Year T-Note Rate is 4.11%.
The Current Spread (30-yr minus 10-yr) is 213bp.
The spread is 45bp above the historical average of 168bp.
The consequence for the consumer was a minor escalation in borrowing costs: the monthly payment for a $100,000 loan increased by $4 to $615. As an economist, I view this spread behavior as a structural issue; until the premium over the historical average shrinks further, the cost of housing debt will continue to be disproportionately high.
Comments