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Mortgage Market Update
Erez Shimoni
Erez Shimoni
Friday, October 23, 2026
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Home sales are stuck, but prices keep climbing |
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This week we're looking at what's really happening in the housing market—and it's a mixed picture. Here's what matters for your wallet.
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National Mortgage Rates · October 21, 2026
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Conventional 30-Year
7.30%
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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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Refinancing
When a rate drop actually makes sense
Not every rate movement deserves your attention. A small dip might not be worth the time and cost of refinancing, but a meaningful shift in your favor can put real money back in your pocket—especially if you're planning to stay in your home long enough to recoup the upfront costs. The math depends on your current loan, how long you've owned the home, and what rates look like today compared to what you locked in. If you've been wondering whether now is worth a closer look, I can run the numbers and show you exactly what a refinance would mean for your monthly payment and your total interest over time.
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Tip of the Week
Test your sump pump before the rainy season by pouring water into the pit — a failed pump can lead to serious basement flooding.
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Tips for Homeowners
Rate Lock Strategy: When and How Long to Lock
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1.
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A rate lock guarantees your interest rate for a set period — typically 30, 45, or 60 days. Longer locks cost more but protect you if the process takes longer than expected.
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2.
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Lock when you're under contract and confident the deal will close. Don't lock before you have a signed purchase agreement — you're paying for protection you may not need.
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3.
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If rates drop after you lock, ask your lender about a float-down option. Some lenders offer this for a fee, allowing you to take advantage of a lower rate if the market moves in your favor.
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Redfin
The number of homes under contract continues to slide, signaling fewer deals in the pipeline. This matters because pending sales are an early indicator of where the broader housing market is headed.
| Key takeaway: A slowdown in pending sales could mean less competition if you're thinking about buying in the months ahead. |
Read full article →
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Mortgage News Daily
National home prices picked up modest momentum in recent months, though the gains vary significantly by region. After inflation, the picture looks less rosy than the headline numbers suggest.
| Key takeaway: Strong price growth in your area might not mean much if wages and purchasing power haven't kept pace. |
Read full article →
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Mortgage News Daily
New home sales rebounded to their best level in months after a summer slowdown. While sales are still below where they were a year ago, the recovery suggests builders are cautiously optimistic.
| Key takeaway: More new homes on the market could ease some of the supply pressure that's kept prices elevated. |
Read full article →
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HousingWire
A recent executive order targets changes to mortgage insurance, manufactured housing rules, and may lower rates on certain USDA and VA loans. These moves could affect your options or costs if you're using government-backed financing.
| Key takeaway: If you're a first-time buyer or military-connected, pay attention to what these policy changes mean for your mortgage terms. |
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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