After weeks of uncertainty, the federal government has finally reopened, giving the mortgage industry room to catch its breath. But while loan agencies are back at work, the process of returning to “normal” is taking time—and buyers, sellers, and mortgage professionals are navigating a market that’s still finding its footing.[1][2][3]
The most immediate effect is that federal mortgage agencies—like FHA, USDA, and VA—have resumed operations. This reactivates essential checks, approvals, and insurance needed for a huge number of transactions. However, the shutdown created a weeks-long pileup of files, so borrowers are experiencing slowdowns as staff work through stacks of deferred applications. Experts expect that for every day the government was shut, there will be a comparable delay in processing time.[2][1]
Mortgage rates have remained relatively stable as the government resumed operations, though some volatility is possible as delayed economic data is released and the Federal Reserve weighs future rate decisions. As of November 15, 2025, the average 30-year fixed rate sits between 6.07% and 6.24%, while 15-year rates average about 5.50%–5.63%.[4][5][6][7][8][9]
| Loan Type | Average Rate (Nov 15, 2025) |
| 30-year fixed | 6.07%–6.24% [4][6][7][8][9] |
| 15-year fixed | 5.50%–5.63% [5][10][7][8] |
| 30-year FHA | ~6.10% [4][8] |
| 30-year VA | ~5.58% [8] |
| 30-year jumbo | ~6.46%–6.52% [4][10] |
Mortgage applications are rebounding as pent-up demand moves through the system, but experts warn higher inflation readings could still push rates up if the Treasury market reacts strongly to incoming economic data.[11][12][13]
Housing affordability remains a top concern. President Trump has proposed a new 50-year fixed mortgage to lower monthly payments, though buyers would pay much more in interest over time. There’s also talk of “mortgage portability,” allowing homeowners to take their existing low-rate mortgage with them when moving—a move that could boost mobility and market activity.[2]
The mortgage industry is in recovery mode as government agencies work through delays. Rates remain stable heading into Thanksgiving, but economic data and policy changes could bring more shifts ahead. Buyers, sellers, and lenders should expect a busy—but uncertain—holiday season as the backlog clears and market conditions stabilize.[9][4][3][1][2]
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1. https://www.foxbusiness.com/economy/mortgage-rates-november-13-2025
2. https://www.realtor.com/news/real-estate-news/shutdown-over-housing-effects-weekly-housing-market-update-november-14-2025/
3. https://www.mpamag.com/us/mortgage-industry/industry-trends/shutdown-impact-lingers-on-mortgage-industry-despite-government-reopening/556708
4. https://fortune.com/article/current-mortgage-rates-11-14-2025/
5. https://www.cbsnews.com/news/todays-mortgage-interest-rates-november-14-2025/
6. https://finance.yahoo.com/personal-finance/mortgages/article/mortgage-refinance-interest-rates-today-saturday-november-15-2025-110020574.html
7. https://themortgagereports.com/mortgage-rates-now/mortgage-rates-today-november-14-2025
8. https://www.nerdwallet.com/mortgages/mortgage-rates
9. https://www.wsj.com/buyside/personal-finance/mortgage/mortgage-rates-today-11-14-2025
10. https://www.bankrate.com/mortgages/analysis/mortgage-rates-november-12-2025/
11. https://www.nar.realtor/magazine/real-estate-news/economy/housing-market-set-for-a-2026-comeback-nar-predicts
12. https://www.wolfnest.com/blog/market-updates-november-2025
13. https://finance.yahoo.com/news/mortgage-rates-look-come-government-151106956.html
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