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Mortgage Market Update
Mike Gurley
Mike Gurley
Friday, November 6, 2026
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Builder confidence hits 14-year low—what it means for you |
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This week brought some sobering news about the housing market's direction. We're breaking down what builders are feeling and why it matters for your home plans.
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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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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.
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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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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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Mortgage News Daily
The National Association of Home Builders' confidence index fell to 29 in October—the weakest reading in over a decade. Builders cite higher mortgage rates, rising construction costs, and labor shortages as the main culprits. This slowdown typically means fewer new homes coming to market and potentially less negotiating power for buyers.
| Key takeaway: Tighter new construction supply could keep home prices elevated and limit your options if you're looking to buy soon. |
Read full article →
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Mortgage News Daily
September new home sales stayed nearly flat month over month, with builders maintaining an annual pace of around 676,000 sales. While the trend has been sideways for the past three years, this stability suggests buyers are still interested despite the challenges. The slight dip in homes available for sale underscores how tight inventory remains across the market.
| Key takeaway: Steady sales volume means competition is still real for new construction buyers—move quickly if you find something you like. |
Read full article →
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Mortgage News Daily
The government's home price index showed prices edging up 0.3% from July to August, with annual appreciation now at 2.4%. Not all regions are experiencing equal gains—some areas saw prices climb 4.4% annually while others only 0.5%. This uneven picture means your local market's story may be quite different from the national headline.
| Key takeaway: Check your specific neighborhood's trends rather than relying on national numbers to gauge whether it's a buyer's or seller's market. |
Read full article →
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Mortgage News Daily
After plummeting from over 6 million units annually in 2022 to around 4 million by late 2023, the resale market has essentially flatlined since then. September brought only a minor uptick, continuing the stalemate that's defined the past year. This stagnation reflects buyer hesitation tied to rates and affordability concerns.
| Key takeaway: Low resale activity gives sellers less competition but buyers less choice—the market remains fundamentally tight either way. |
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 Mike Gurley team any time and we'll walk you through your options. |
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