Mortgage Market Update

Builder confidence hits 14-year low—what it means for you

This week brought some sobering news from the construction side of housing, but there's context worth understanding. Here are the stories that matter most to your wallet and your timing.

National Mortgage Rates · November 5, 2026

Source: Optimal Blue daily mortgage indices via FRED · Includes our pricing adjustment

Rates shown are national mortgage index rates plus our pricing adjustment, 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

What happens when you switch loan types

A lot of people assume they're locked into whatever loan program they started with, but that's not how it works. Whether you're in an adjustable-rate loan that's about to adjust, or you're carrying a fixed rate that no longer fits your situation, switching programs is a real option worth exploring. The process is simpler than many borrowers think, and depending on where rates and your circumstances are, it could make a meaningful difference in your monthly payment or long-term costs. The key is understanding what the trade-offs look like for your specific situation—there's no one-size-fits-all answer. If you've been wondering whether a change makes sense for you, I'd be happy to walk through the details and show you what your options actually look like.

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

Builder confidence drops to lowest level since 2012

The National Association of Home Builders' confidence index fell to 29 in October, its worst reading in 14 years. The culprits are familiar: higher mortgage rates, rising construction costs, and tight labor and lot availability. This matters to you because builder pessimism often translates to fewer new homes on the market, which can affect your options and negotiating power.

New home sales hold steady, reinforcing August's bounce

New home sales landed at an annual pace of 676,000 units in September, down only 0.6% from August and confirming that month's rebound wasn't a one-time blip. Inventory of new homes for sale sits at 476,000 units. The broader trend has stayed relatively sideways for nearly three years, which means the market isn't dramatically improving or deteriorating—just stuck in neutral.

Home prices inch up, but gains remain modest

The FHFA House Price Index rose 0.3% from July to August, bringing annual home price appreciation to 2.4%—a meaningful slowdown from the double-digit gains of recent years. Regional results vary widely, from 0.5% appreciation in the Mountain region to 4.4% in other areas. These modest gains are welcome relief if you're a buyer, but they highlight just how much the market has cooled.

Existing home sales flatline—no surprises here

Existing home sales have been treading water since late 2023, edging slightly higher in September but showing no meaningful momentum. After plummeting from over 6 million units annually in 2022 to around 4 million by end of 2023, the market has essentially stalled at that lower level. For buyers, this stagnation means limited inventory and continued seller leverage; for sellers, it signals a tougher environment.

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