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Mortgage Market Update
Erez Shimoni
Erez Shimoni
Friday, November 6, 2026
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Home prices and rates are moving in your favor |
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This week brought some genuinely good news for buyers and homeowners. We're seeing prices ease, rates pull back, and new construction holding steady — all things that can help your wallet.
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National Mortgage Rates · November 4, 2026
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Conventional 30-Year
7.12%
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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
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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Redfin
After climbing for months, home prices are finally backing off, and that's bringing monthly payments down with them. This is real relief in a market that's been tough on buyers.
| Key takeaway: if you've been waiting on the sidelines, the affordability math is gradually getting better. |
Read full article →
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Mortgage News Daily
Builders are holding their ground with sales barely budging month over month, even as the number of new homes available for purchase ticks down slightly. This steadiness suggests the new construction market isn't collapsing despite higher rates.
| Key takeaway: tight inventory in new homes means if you're looking for move-in ready, you may want to act sooner rather than later. |
Read full article →
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Redfin
Rates have pulled back from their highs earlier this month as the market watches upcoming economic data and elections. Lower rates mean lower monthly payments, which matters whether you're buying or refinancing.
| Key takeaway: this could be a window to lock in if you've been considering a refinance or purchase. |
Read full article →
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Mortgage News Daily
While prices are still appreciating, the pace of growth has slowed to just 2.4% year over year. This is a significant cooldown from the double-digit appreciation we saw in recent years.
| Key takeaway: slower price growth means less competition and more time to make thoughtful decisions as a buyer. |
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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