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Friday, November 6, 2026 |
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Mortgage Market Update
Builder confidence hits 14-year low—what it means for you
This week brought some sobering news from the construction side of the market, along with some mixed signals on home prices and sales. Here's what homebuyers and sellers need to know.
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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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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
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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The National Association of Home Builders' confidence index fell to 29 in October, marking its worst reading since 2012. The culprits are familiar: higher mortgage rates, rising construction costs, labor shortages, and tight lot availability. This matters because builder confidence directly affects how many new homes get built and at what price.
| Key takeaway: expect new home inventory to remain tight and prices to stay elevated as long as builders stay discouraged. |
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New home sales stayed essentially flat from August to September, holding at an annual pace of 676,000 units. While the market hasn't collapsed, it's also not showing much momentum—the trend has been sideways for nearly three years. The available inventory of new homes sits at 476,000 units.
| Key takeaway: the new home market is stuck in neutral, giving you room to negotiate but also limited choices. |
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Home prices picked up slightly in August, with the FHFA House Price Index rising 0.3% month over month and 2.4% year over year. However, the gains remain modest by historical standards, and regional results vary widely—some parts of the country are appreciating much faster than others. The improvement came after July's numbers were revised downward.
| Key takeaway: home prices are still climbing, but slowly and unevenly depending on where you live. |
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September's construction report revealed a pullback in single-family building permits and a decline in housing starts, though total permits and completions held relatively steady. The weakness signals that builders are pulling back on single-family projects—the category most relevant to typical homebuyers. This aligns with the broader picture of builder caution.
| Key takeaway: fewer single-family homes are starting construction, which could mean tighter inventory and higher prices ahead. |
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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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