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Mortgage Market Update
Chris George
Chris George
Friday, November 6, 2026
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What Congress could do about mortgage rates |
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We're watching Washington closely as a new Congress settles in. There are actually a few levers they could pull that might help bring mortgage rates down—and we break down what they are.
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National Mortgage Rates · November 4, 2026
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Conventional 30-Year
6.62% 30-day Range: 6.62%–6.96%
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Conventional 15-Year
6.20% 30-day Range: 6.09%–6.43%
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FHA 30-Year
6.27% 30-day Range: 6.27%–6.58%
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VA 30-Year
6.13% 30-day Range: 6.13%–6.50%
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Source: Optimal Blue daily mortgage indices via FRED · Includes our pricing adjustment
Rates shown are national mortgage index rates plus our pricing adjustment, 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
Which loan program fits your situation?
Not all mortgages are created equal, and the right program for your neighbor might not be right for you. Some borrowers benefit from fixed rates that lock in predictability. Others qualify for programs with lower upfront costs or more flexible credit requirements. First-time buyers often have access to programs designed specifically for them. The key is understanding what's available and how each option affects your monthly payment, total interest, and long-term financial picture. I'd be happy to walk you through the programs you actually qualify for and explain how they'd work with your specific goals.
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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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HousingWire
Mortgage rates are heavily influenced by the 10-year Treasury yield, and there are four policy moves Congress could consider that might help pull rates lower. Understanding these levers gives you a sense of what to watch for in coming months and what could shift your borrowing costs.
| Key takeaway: Congressional action on inflation, fiscal spending, or Federal Reserve policy could eventually work their way into lower rates for borrowers, so stay tuned to the political calendar. |
Read full article →
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HousingWire
Florida voters approved Amendment 3, which will raise the homestead exemption from $50,000 to $250,000 by 2028—but you'll need to claim Florida residency by the end of 2026 to qualify. If you own a home in Florida or are thinking about moving there, this could mean meaningful property tax savings down the road.
| Key takeaway: If you're considering a Florida move, establishing residency before 2027 locks you into the higher exemption and could reduce your annual tax bill significantly. |
Read full article →
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HousingWire
New York City's surcharge on non-primary homes valued over $5 million just got legal approval to stay in effect through mid-2028. If you own investment or vacation property in the city, this tax will continue to apply regardless of recent court challenges.
| Key takeaway: Out-of-state investors and second-home owners in NYC should factor this surcharge into their holding costs and investment decisions through 2028. |
Read full article →
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HousingWire
The Consumer Financial Protection Bureau has dramatically scaled back its enforcement actions, closing 86 percent of its supervisory cases and cutting scheduled lender exams by about half. This shift means fewer regulatory checks on mortgage lenders going forward.
| Key takeaway: With lighter CFPB oversight, homebuyers should be extra diligent about reading loan documents carefully and working with lenders you trust, since there's less government scrutiny in place. |
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 Chris George team any time and we'll walk you through your options. |
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2701 E Insight Way, Suite 150, Chandler, AZ, 85286
NMLS# 745236 · Company NMLS# 181106
615-422-4705 | https://www.cgmtgteam.com
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