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Mortgage Market Update
Erez Shimoni
Erez Shimoni
Friday, November 6, 2026
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Home prices easing, rates dropping—good timing |
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This week brought some encouraging signs for buyers and homeowners alike. We're seeing price softness, rate movement, and steadier new construction—all things that could affect 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 have started to pull back. When prices ease, your monthly payment shrinks too—even if your rate stays the same. This is the kind of shift that can open doors for buyers who've been priced out.
| Key takeaway: Falling prices paired with stable or lower rates make affordability better than it's been in months. |
Read full article →
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Mortgage News Daily
New home sales stayed steady last month, showing that builders and buyers aren't pulling back despite recent uncertainty. The selection of new homes for sale remains tight, but the activity level suggests the market isn't in free fall.
| Key takeaway: Stable demand for new homes signals confidence that this isn't a crash—just a normalization. |
Read full article →
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Redfin
Rates have eased down from September's highs, and more movement could be ahead as the midterm elections and jobs reports shape the economic outlook. Lower rates mean lower monthly payments, which directly improves affordability for both new buyers and those thinking about refinancing.
| Key takeaway: If you've been waiting on the sidelines, the next few weeks could bring better opportunities to move. |
Read full article →
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Mortgage News Daily
Prices are still appreciating year over year, but the pace has slowed to a modest clip. Different regions are seeing different results—some heating up while others cool down. This uneven pattern means your local market matters more than ever when deciding to buy or hold.
| Key takeaway: Slower appreciation means less urgency to buy today, giving you more time to find the right home at the right price. |
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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