|
Mortgage Market Update
Mike Gurley
Mike Gurley
Friday, November 6, 2026
|
Builder confidence hits 14-year low—what it means for you |
|
This week brought some sobering news about the construction industry, along with mixed signals on home prices and sales. Here's what matters for your wallet and your timing.
|
|
National Mortgage Rates · November 5, 2026
|
Conventional 30-Year
7.18%
|
|
| |
|
%22%2C%22fill%22%3Atrue%2C%22tension%22%3A0.4%2C%22pointRadius%22%3A4%2C%22pointBackgroundColor%22%3A%22%233b5bdb%22%2C%22borderWidth%22%3A2%7D%5D%7D%2C%22options%22%3A%7B%22plugins%22%3A%7B%22legend%22%3A%7B%22display%22%3Afalse%7D%7D%2C%22scales%22%3A%7B%22y%22%3A%7B%22ticks%22%3A%7B%22callback%22%3A%22function(v)%7Breturn%20v%2B%5C%22%25%5C%22%7D%22%2C%22color%22%3A%22%23666%22%7D%2C%22grid%22%3A%7B%22color%22%3A%22rgba(0%2C0%2C0%2C0.06)%22%7D%7D%2C%22x%22%3A%7B%22grid%22%3A%7B%22display%22%3Afalse%7D%2C%22ticks%22%3A%7B%22font%22%3A%7B%22size%22%3A11%7D%2C%22color%22%3A%22%23666%22%7D%7D%7D%7D%7D&w=520&h=180&bkg=white&f=12) |
|
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.
|
| |
|
|
Loan Programs
Fixed or adjustable—which fits your plan?
When you're shopping for a mortgage, one of the bigger decisions is whether you want a fixed rate that stays the same for the life of your loan, or an adjustable rate that may change over time. Fixed-rate mortgages give you predictability and peace of mind—your payment stays locked in. Adjustable-rate mortgages sometimes start lower, which can help if you're planning to sell or refinance down the road. The right choice depends on your timeline, risk comfort, and how long you see yourself in the home. I'd be happy to walk through both options with you and help figure out which one aligns with your situation.
|
|
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.
|
|
Tips for Homeowners
Protecting Yourself from Mortgage Scams
|
|
1.
|
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.
|
|
2.
|
Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.
|
|
3.
|
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.
|
|
|
Mortgage News Daily
Home builder confidence dropped sharply in October to its weakest point in 14 years, driven by higher mortgage rates, rising construction costs, and labor shortages. This matters because lower builder confidence typically means fewer new homes coming to market, which can keep prices elevated and limit your choices as a buyer.
| Key takeaway: Tight housing supply may persist longer, so if you're a buyer, you'll likely face continued competition and limited inventory in many markets. |
Read full article →
|
|
Mortgage News Daily
New home sales remained essentially flat in September, maintaining the modest recovery seen in August with an annual pace of about 676,000 units. While this shows the market isn't collapsing, it also reflects how sideways things have been for nearly three years—the market is stuck in a holding pattern rather than booming.
| Key takeaway: Stable sales without growth mean the market remains balanced but uninspiring, with limited urgency on either side to make a move. |
Read full article →
|
|
Mortgage News Daily
The pace of home price appreciation slowed to just 0.3% month over month in August, with annual gains of 2.4%—modest by historical standards. Regional differences are significant, with some areas seeing almost no appreciation while others are up over 4%, so your local market matters more than ever.
| Key takeaway: If you're in a slower-appreciation area, this is a reminder that home prices aren't guaranteed to climb dramatically, so buy for the home and location first, not as an investment bet. |
Read full article →
|
|
Mortgage News Daily
Existing home sales have been treading water since late 2023, moving sideways around 4 million units annually after a sharp drop from earlier years. This stalled market reflects the challenge many sellers face: holding out for yesterday's prices while buyers hesitate at today's rates.
| Key takeaway: If you're thinking about selling, understand that the market isn't moving fast—pricing strategically and being realistic will serve you better than hoping for a bidding war. |
Read full article →
|
|
Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the Mike Gurley team any time and we'll walk you through your options. |
|
|
|
You are receiving this from Mike Gurley. Unsubscribe
|
|
