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Mortgage Market Update
Mike Gurley
Mike Gurley
Tuesday, November 3, 2026
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Builder confidence hits 14-year low—here's what it means |
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This week brought some sobering news about the housing market's health, along with a few bright spots that might surprise you. We've picked out the stories that actually matter to your wallet and your next move.
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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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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
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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Mortgage News Daily
The National Association of Home Builders' confidence index dropped to its worst level in 14 years, driven by higher mortgage rates, climbing construction costs, and labor shortages. This matters because builder hesitation typically slows down new home inventory—which affects both prices and your options when shopping.
| Key takeaway: Fewer new homes being built could keep housing supply tight, supporting prices but limiting choices for buyers in many markets. |
Read full article →
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Mortgage News Daily
Sales of new homes stayed nearly flat month over month in September, suggesting the market found some footing after August's improvement. While the broader trend has been sideways for three years, holding ground right now is actually a sign of relative stability.
| Key takeaway: A steadier new home market could ease some pressure on existing home prices and give buyers more negotiating room. |
Read full article →
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Mortgage News Daily
Home price appreciation picked up slightly in August, with the FHFA index showing a 2.4% annual gain—up from July but still historically mild. Regional differences are wide, ranging from 0.5% to 4.4%, so what's happening in your area may look very different from the national picture.
| Key takeaway: Slowing price growth gives buyers more time to find the right home without feeling rushed by runaway appreciation. |
Read full article →
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Mortgage News Daily
Sales of existing homes edged higher in September but remain far below the robust levels from before 2022, settling into a pattern that's held steady for months. The market has essentially plateaued, with inventory and buyer demand staying balanced but uninspired.
| Key takeaway: A flat, predictable market means fewer surprises—good news if you're taking your time with a major purchase decision. |
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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