Mortgage rates eased for a fourth straight week. Freddie Mac's survey released November 12, 2026 put the 30-year fixed average at 7.11%, down from 7.18% the week before, and the 15-year at 6.45%, down from 6.57%. Freddie Mac called it the lowest level in seven weeks. The same day, the National Association of Realtors reported that existing-home sales fell to their slowest pace since 2010.
So this week I've been getting the same question from veterans: "Is it time to refinance my VA loan?" For some, it's worth a five-minute check. For many, not yet. Here's how to tell.
Who a VA IRRRL can help right now
The VA Interest Rate Reduction Refinance Loan (IRRRL, or "streamline") replaces an existing VA loan with a new one. VA's rules set real guardrails, which protect you:
Seasoning: your first payment must have been due at least 210 days ago, and you must have made six monthly payments.
Rate drop: going from a fixed rate to a fixed rate, the new rate has to be at least 0.50 percentage points lower than your current one.
Recoupment: the closing costs (not counting taxes, escrow, prepaids or the VA funding fee) must pay for themselves through lower monthly principal and interest within 36 months.
That means the veterans most likely to benefit are the ones who bought or refinanced when rates were higher than today's averages, and those with a VA adjustable-rate loan who want the stability of a fixed rate. If you locked a rate well below today's market, the math simply won't work, and that's fine. Keep your rate.
What moved rates this week
Bond yields did not fall in a straight line. The 10-year Treasury yield, which mortgage rates tend to track, rose from 4.84% on November 5 to 4.98% on November 10, according to the Federal Reserve's daily data, and daily rate trackers showed mortgage rates firming late in the week. The Fed held its policy rate at its October meeting, and its next meeting is December 8-9. The takeaway: weekly averages can move in either direction, so if the numbers work for you, it pays to have your paperwork ready rather than wait for a perfect moment.
What's happening in Orange County
Locally, buyers have more to choose from. The Orange County Housing Report counted 4,912 active listings the week of November 9, roughly 17% more than the same week last year, with a median of 51 days on market. Homes priced above $2.5 million closed an average of 7% below list price that week. Nationally, NAR reported 5.1 months of supply in October and a median of 35 days on market, both up from a year ago.
For agents
Slow sales and longer market times give your buyers room to negotiate. A few things I'm seeing work:
Ask for seller credits toward closing costs or a rate buydown instead of only a price cut. Credits often stretch further for a buyer's monthly budget.
Look at listings that have sat past the 45-60 day mark. Sellers there are often more open to terms.
Send your buyers in with a fully documented pre-approval so the offer reads as solid even when it isn't the highest.
Have veteran clients who closed a VA loan in a higher-rate stretch? Send them my way for a no-pressure IRRRL check. It's an easy way to add value after closing.
Next step
If you have a VA loan and want to know whether an IRRRL makes sense, request a refinance review and I'll run the numbers with you, including the 36-month recoupment test. Buying instead? Start with a purchase plan. Or call or text (949) 910-3943. I'm licensed in CA, AZ, WA and OR.
Sources: Freddie Mac PMMS, Nov 12, 2026; NAR Existing-Home Sales, October 2026; VA IRRRL overview; VA Circular 26-19-22; Federal Reserve H.15; Orange County Housing Report, Nov 9, 2026.
Mack Davidson, NMLS #1006831, E Mortgage Capital. Rates cited are market averages as of November 12, 2026, not an offer or commitment to lend. Your rate and terms depend on credit, property and loan program. Not all applicants or properties will qualify. Equal Housing Lender.
