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Mortgage Market Update
Mike Gurley
Mike Gurley
Friday, November 6, 2026
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Builder confidence at 14-year low—what it means for you |
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This week brought some sobering news about the construction industry, along with signs that the housing market is still finding its footing. Here's what matters for your home and 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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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
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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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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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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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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Mortgage News Daily
Home builder confidence dropped to its lowest level since 2012, driven by higher mortgage rates, rising construction costs, and labor shortages. Fewer buyers are walking into model homes to look at new houses. This slowdown could eventually mean fewer new homes on the market, which may affect your options if you're shopping or planning to move.
| Key takeaway: tight builder confidence could tighten new home inventory even further, potentially keeping prices elevated in your market. |
Read full article →
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Mortgage News Daily
New home sales barely budged in September, staying close to August's gains and showing the market is at least stable rather than crashing. The number of new homes available for sale remains modest. While sales aren't soaring, this steadiness suggests the market found some ground after the earlier summer turbulence.
| Key takeaway: a flat market beats a falling one, and limited inventory means homes still tend to hold their value. |
Read full article →
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Mortgage News Daily
Home prices rose just 0.3% from July to August, with annual appreciation at 2.4%—a modest pace that varies significantly by region. Some parts of the country are seeing stronger gains than others, so the experience in your neighborhood might differ from the national average. This steady but sluggish appreciation means prices aren't skyrocketing, but they're not sliding backward either.
| Key takeaway: slower price growth makes homes more affordable in some markets, but you'll still want to compare what's happening in your own region. |
Read full article →
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Mortgage News Daily
Construction activity sent mixed signals this month: starts fell and single-family permits declined, but overall permits stayed nearly flat and completions ticked up. This suggests builders are pumping the brakes on new projects even as some ongoing construction wraps up. The weakness in single-family starts is worth watching if you're looking to buy new.
| Key takeaway: slowing construction starts today could mean even tighter new home supply down the road. |
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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