These figures are benchmarks and estimates, not quotes. CustomHomeLenders.com is a referral service, not a lender. We can't tell you what rate you'll be offered; lenders set that based on your loan and finances.
Weekly mortgage benchmarks
| Rate Type | Current Rate | Change |
|---|---|---|
| 30-Year Fixed (national average) As of November 12, 2026 | 7.11% | ▼ 0.07 |
| 15-Year Fixed (national average) As of November 12, 2026 | 6.45% | ▼ 0.12 |
PMMS as of November 12, 2026 · Source: Freddie Mac Primary Mortgage Market Survey, via FRED: 30-year series and 15-year series. Changes compare the available prior weekly observation.
Separate construction financing estimate
| Estimate | Estimated Rate |
|---|---|
| CustomHomeLenders estimate: 30-yr PMMS + 1.0% | 8.11% |
CustomHomeLenders.com's own estimate, not a lender quote. Estimate as of November 12, 2026.
How to read the table
- 30-year and 15-year fixed rows. These come from Freddie Mac's Primary Mortgage Market Survey (PMMS), published through the St. Louis Fed's FRED database. Freddie Mac releases PMMS weekly, on Thursdays at noon Eastern, and the averages are drawn from loan applications submitted to Freddie Mac's Loan Product Advisor. The survey describes conventional, conforming, purchase-money loans for borrowers with strong credit and a 20% down payment. It does not measure construction loans, and fees and points aren't part of what it publishes.
- "CustomHomeLenders estimate: 30-yr PMMS + 1.0%" row. This is CustomHomeLenders.com's own estimate, not Freddie Mac data. It takes the 30-year benchmark and adds the margin named in the row label, to illustrate that financing a build typically costs more than financing a finished home. Real offers can land above or below it.
- The "as of" date tells you which weekly reading you're looking at. If it's more than a week old, the feed may be delayed; check Freddie Mac directly.
Use the table to see which direction the market is moving and to sanity-check what lenders tell you. Don't use it as a quote.
Why construction loan rates aren't the same as mortgage rates
A standard mortgage is secured by a finished home. A construction loan is secured by a home that doesn't exist yet, on a schedule that depends on weather, labor, materials and a builder's execution. The Consumer Financial Protection Bureau notes that construction loans typically carry higher interest rates than long-term mortgages. Lenders price in that extra risk and the extra work of managing inspections and draws.
Two other differences affect how the rate works in practice:
- Construction loans pay out in stages. You borrow money as the builder reaches milestones, and interest accrues only on what has been drawn. See the draw schedule guide.
- The rate during the build and the rate after it can be set differently. Read on.
Construction-phase rate vs. permanent rate
During construction, many construction loans carry a variable rate that is tied to an index plus a margin. The U.S. prime rate is a common index, though the structure is set by each lender, so ask which index, what margin, and whether there are caps or floors. You'll typically pay interest only on the drawn balance, which means payments rise as the build progresses.
After construction, the loan becomes a permanent mortgage, usually with a fixed rate (some borrowers choose an adjustable one). How that permanent rate is determined depends on the loan type:
- One-time-close (construction-to-permanent, "C2P") loans combine both phases in one loan. Some are set up so you can lock the permanent rate at closing; others let you lock later or adjust the rate before conversion. Programs differ in what can change. For example, Fannie Mae's guidelines for single-closing construction-to-permanent loans limit post-closing modifications to a short list of terms, including the interest rate, the loan amount, the term and converting an adjustable rate to fixed. Details in our construction-to-permanent guide.
- Two-time-close loans use a short-term construction loan first and a separate mortgage after, so the permanent rate is set at that second closing, at whatever the market is then.
This is why a single "construction loan rate" is hard to publish. The right comparison is the full structure: construction-phase rate, permanent rate, lock rules and fees.
What moves the rate you're offered
- Credit profile. Higher scores and cleaner histories generally earn better pricing.
- Down payment or equity. More money or land equity in the project lowers the lender's risk.
- Loan program. FHA, VA, USDA and conventional loans are priced and underwritten differently. See FHA construction loans and VA construction loans.
- Loan size. Amounts above conforming limits ("jumbo") can price differently.
- How the home will be used. Primary residences usually get better terms than second homes or investment properties.
- Your builder and project. Lenders review the builder's license, experience and your plans and budget.
- Lock terms and points. Paying points, or locking for a longer period, changes the rate you see.
- Market conditions. The benchmarks above, and the prime rate that many construction-phase loans follow, both move with the economy.
How to compare construction loan offers
Ask each lender for a Loan Estimate and put the offers side by side. Lenders must provide a Loan Estimate for most mortgage and construction loans. Then compare these on the same structure:
- One-time close or two-time close?
- Construction-phase rate: index, margin, caps and floors.
- Permanent rate and when it's set. Is there a lock? How long does it last? What does an extension cost?
- Is there a float-down or rate-modification option, and what does it cost?
- Points and fees, including inspection and draw fees.
- How long the construction period can run and what happens if the build takes longer.
- Whether an interest reserve is built into the budget.
Estimate your payments
Plug your own numbers into the construction loan calculator to see how the interest-only phase and the permanent payment change at different rates. For a full picture of how pricing works, read our construction loan interest rate guide.
Know your build cost before you borrow
Rate is only half the equation; the loan amount depends on what the build will cost. Get a free custom home cost estimate from CustomHomeQuote →
Ready for real quotes?
Get matched with construction-loan specialists → It's free, with no obligation. They can give you actual rate quotes for your project.
Frequently Asked Questions
Are construction loan rates higher than mortgage rates?
Generally yes. The CFPB notes that construction loans usually carry higher interest rates than long-term mortgages, because the lender is financing a home that isn't finished and managing a staged payout. The exact gap depends on the lender, the program and your finances.
What does the "CustomHomeLenders estimate" row in the table mean?
It's CustomHomeLenders.com's own estimate, built from the 30-year benchmark plus the margin shown in the row label to reflect that construction financing usually costs more. It isn't Freddie Mac data and it isn't a lender quote. Ask lenders for a Loan Estimate to see real pricing.
What index do construction loans use?
It varies by lender. Many construction-phase loans use a variable rate based on an index, such as the U.S. prime rate, plus a margin. Ask which index applies, what the margin is and whether the rate has a cap or floor.
Can I lock in my construction loan rate?
Often you can lock the permanent rate in a one-time-close loan, but the rules differ by lender and program: when you can lock, how long the lock lasts, and whether a float-down or modification is allowed. Ask about extension costs in case your build runs long.
How often is the benchmark data updated?
Freddie Mac publishes its PMMS weekly, on Thursdays at noon Eastern. The table on this page updates from that data; check the "as of" date shown with the table.