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Tuesday, November 3, 2026 |
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Mortgage Market Update
Builder confidence hits 14-year low—here's what it means
This week brought some sobering news about the housing market's near-term outlook, but also a clearer picture of where prices are headed. We've pulled together the stories that matter most to your wallet.
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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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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
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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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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The National Association of Home Builders' confidence index dropped to its lowest point in 14 years this October, driven by higher mortgage rates, rising construction costs, and labor shortages. What's particularly telling is that buyer interest—measured by prospective traffic—fell the steepest. This slowdown in builder optimism could mean fewer new homes on the market in the months ahead, which typically puts upward pressure on prices.
| Key takeaway: fewer new homes under construction may support home values, but it also means less inventory and tougher choices for buyers. |
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The Federal Housing Finance Agency reported that home price appreciation picked up slightly in August, with annual gains now at 2.4 percent. However, the good news comes with an asterisk: regional results are all over the map, with some areas appreciating just half a percent annually while others see four times that rate. This patchwork picture tells you that your local market's trajectory matters as much as the national headline.
| Key takeaway: national price trends can mask what's really happening in your neighborhood, so focus on your local market fundamentals. |
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After a sharp drop from 2022 through early 2023, existing home sales have spent the past year basically treading water around 4 million units annually. September's modest uptick doesn't break the pattern—the market remains sluggish and relatively flat. For buyers and sellers, this stagnation means less urgency on both sides, though inventory pressure varies by region.
| Key takeaway: a flat sales market gives you more room to negotiate if you're a buyer, but sellers should price carefully to stand out. |
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New home sales remained virtually flat in September, holding at an annual pace of 676,000 units with only a 0.6 percent decline month over month. Inventory of new homes available for sale sits at 476,000 units. While the headline sounds positive, the bigger story is that new construction has been sideways for nearly three years, reflecting the tension between demand, affordability, and builder confidence.
| Key takeaway: the lack of new supply combined with steady demand means new homes aren't getting cheaper anytime soon. |
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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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