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Friday, November 6, 2026 |
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Mortgage Market Update
Builder confidence is in free fall—here's what it means for you
This week brought some sobering news about the construction industry, along with a clearer picture of where home prices and sales are heading. Let's break down what matters for your wallet.
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National Mortgage Rates · November 4, 2026
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Conventional 30-Year
7.12%
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Source: Optimal Blue daily mortgage indices via FRED
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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Equity & Access
Your home equity is real money—here's how to use it
If you've owned your home for a few years, you likely have equity built up—the difference between what your home is worth and what you still owe. That equity isn't just a number on paper; it can become actual funds you access when you need them. Common ways to tap into it include a cash-out refinance, a home equity loan, or a line of credit. Each approach has different terms, costs, and flexibility, so the right choice depends on your situation. Whether you're funding a major repair, paying for education, or consolidating debt, it's worth understanding your options before you need the money in a pinch. I'd be happy to walk you through what your equity could unlock—just reach out.
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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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The National Association of Home Builders' confidence index dropped to its lowest level since 2012, driven by higher mortgage rates, rising construction costs, and tight labor markets. Fewer prospective buyers are walking into model homes, and builders are pulling back on new projects as a result.
| Key takeaway: Lower builder confidence typically means fewer new homes on the market, which could keep pressure on housing supply and prices in your area over the next year or two. |
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New home sales barely budged in September, staying nearly flat from August and continuing a three-year pattern of sideways movement. The market clocked 676,000 annual sales pace, with available inventory at 476,000 homes.
| Key takeaway: New home sales are stable but not booming, which means you'll still have options if you're shopping—just don't expect prices to drop significantly anytime soon. |
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Home prices continue to inch upward, though at a slow pace. The latest report shows prices gained just 0.3% from July to August, with annual appreciation sitting at 2.4% nationally, though gains vary widely by region.
| Key takeaway: While home prices aren't skyrocketing, they're still climbing—so if you've been waiting for a big correction, that probably isn't coming, and locking in a purchase or refinance sooner may make more sense than waiting. |
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Housing starts and single-family building permits both declined in September, signaling weakness in the construction pipeline. While overall permits held relatively steady and some completions ticked higher, the trend suggests fewer homes will be built in coming months.
| Key takeaway: Slower new construction means the tight housing supply that's been around for years likely won't ease up soon—a headwind for home shoppers and another reason inventory remains a seller's advantage. |
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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 The Grampp Team team any time and we'll walk you through your options.
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