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Mortgage Market Update
Erez Shimoni
Erez Shimoni
Tuesday, November 3, 2026
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Mortgage rates drop as home sales stabilize |
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This week brought some encouraging news on the rates front, and new home sales are holding up better than expected. Here's what it means for your wallet and your timeline.
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National Mortgage Rates · November 2, 2026
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Conventional 30-Year
7.13%
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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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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
Refinancing resets your amortization clock. If you're 10 years into a 30-year loan, consider a shorter term to avoid paying more total interest.
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Tips for Homeowners
Co-Signing a Mortgage: What You're Really Agreeing To
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Co-signing makes you equally responsible for the debt. If the primary borrower misses payments, your credit score takes the same hit and the lender can pursue you for the full balance.
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2.
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The co-signed mortgage debt appears on your credit report and counts toward your DTI. This can limit your ability to qualify for your own financing until the loan is paid off or refinanced out of your name.
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3.
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There's no automatic way to remove yourself as a co-signer — the primary borrower must refinance the loan in their name alone. Get this understanding in writing before you sign.
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Redfin
After climbing through September, mortgage rates have started to pull back this week. Markets are now weighing comments from the Federal Reserve and other economic data to figure out the next move. If you've been watching rates on the sidelines, this could be worth revisiting.
| Key takeaway: Lower rates even by half a percentage point can meaningfully reduce your monthly payment, so pay attention to the direction rates are heading. |
Read full article →
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Mortgage News Daily
New home sales in September barely budged from August, staying strong at an annual pace of 676,000 units. That's reassuring after several months of market uncertainty. It suggests that builders and buyers are finding some stable ground together.
| Key takeaway: Steady new home sales indicate the market isn't collapsing, which means inventory should remain available for buyers looking to move soon. |
Read full article →
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Mortgage News Daily
Home prices edged up just 0.3% from July to August, though annual appreciation still sits at a modest 2.4%. The slowdown is showing up unevenly across different regions, with some areas appreciating faster than others. This gentler pace gives buyers breathing room in many markets.
| Key takeaway: Slower price appreciation means you're not in as much of a rush to buy before prices climb further, giving you more time to prepare. |
Read full article →
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Mortgage News Daily
Housing starts and single-family permits both pulled back in September, signaling that builders are pumping the brakes a bit. However, permits overall held relatively steady and completions continued to edge up. It's a mixed picture that suggests the construction slowdown is gradual, not sudden.
| Key takeaway: Slower construction means new inventory growth is moderating, which could support prices and limit supply over the next several quarters. |
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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