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Mortgage Market Update
Erez Shimoni
Erez Shimoni
Friday, November 6, 2026
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Home prices cooling, rates dropping this week |
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After weeks of uncertainty, we're seeing some genuinely good news for your wallet. Here's what shifted in the housing market this week and what it means for your next move.
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National Mortgage Rates · November 5, 2026
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Conventional 30-Year
7.18%
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Source: Optimal Blue daily mortgage indices via FRED · 30-yr: Freddie Mac weekly survey
Rates shown are national mortgage index rates and are provided for informational purposes only. Actual rates vary based on credit profile, loan amount, and market conditions. Please contact us for a personalized rate quote.
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Refinance Readiness
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates drop. The real question is whether the benefit over time beats the cost to refinance—and that math changes based on how long you plan to stay in your home. Some borrowers break even in months; others need years. There's also the matter of your current loan's progress: if you're already deep into paying down principal, starting over might cost more in interest than you save on the rate. I see people leave money on the table because they didn't run the actual numbers, and I also see people chase a refi that wouldn't help them. Let's talk through your specific situation.
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Tip of the Week
Closing costs typically run 2-5% of the loan amount. Ask your lender for a Loan Estimate so there are no surprises.
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Tips for Homeowners
Protecting Yourself from Mortgage Scams
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1.
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Wire fraud is one of the fastest-growing real estate scams. Never wire closing funds based solely on email instructions — always verify account numbers by calling your title company at a number you look up yourself.
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2.
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Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.
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3.
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Be wary of unsolicited offers to refinance or cash out equity at terms that sound unusually favorable. If someone contacts you out of the blue, verify their NMLS license number at nmlsconsumeraccess.org.
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Redfin
After months of steady increases, home prices are finally starting to ease down, and monthly mortgage payments are following suit. This gives buyers more breathing room as we head into the final stretch of the year.
| Key takeaway: If you've been waiting for a better entry point, the trend is moving in your favor right now. |
Read full article →
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Redfin
Rates have pulled back from their September highs as financial markets digest midterm election results and upcoming jobs data. This timing could matter if you're considering a refinance or a new purchase.
| Key takeaway: Watch for opportunities over the next few weeks, especially if you've been on the sidelines waiting for rates to ease. |
Read full article →
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Mortgage News Daily
New home sales remained stable in September, holding onto August's momentum even though the inventory of new homes available continues to be tight. This suggests builders are still cautiously optimistic about the market.
| Key takeaway: New construction remains a competitive option, so if you're interested in a new build, don't wait too long to lock in terms. |
Read full article →
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Mortgage News Daily
The pace of home price appreciation picked up slightly in August, with the national average rising 2.4% year over year. However, gains vary widely by region, so location still matters enormously for long-term value.
| Key takeaway: Before you buy, research your specific region's trend—some areas are cooling faster than others, which could affect your investment timeline. |
Read full article →
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the Erez Shimoni team any time and we'll walk you through your options. |
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6 Wills Way, Piscataway, NJ 08854
908-705-5882 | www.applywitherez.com
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