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Mortgage Market Update
Erez Shimoni
Erez Shimoni
Sunday, October 4, 2026
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Soft September Jobs Report May Give Fed Reason to Pause Rate H... |
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Welcome to your mortgage market update from Erez Shimoni for Sunday, October 4, 2026. This week we've rounded up the latest news from Redfin and HousingWire and Mortgage News Daily so you have everything you need in one place. Read on for the stories that matter most to homebuyers and homeowners right now.
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National Mortgage Rates · October 1, 2026
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Conventional 30-Year
7.37%
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Source: Freddie Mac PMMS & Optimal Blue via FRED
Rates shown are national averages 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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First-Time Buyers
The Down Payment Myth That Keeps Buyers Renting
One of the biggest reasons people keep renting is the belief that you need 20% down to buy a home. You don't. Plenty of loan programs let qualified buyers get in with 3% to 5% down, and some — like VA and USDA loans — allow zero down for those who qualify. There are also down payment assistance programs that provide grants or low-cost second loans to help cover the upfront cost. The catch is that these programs vary by area and have limited funding, so it pays to know your options early. If you've been waiting to save a huge lump sum, you might already be closer to ready than you think. A short conversation can map out exactly what you'd need and which programs fit your situation.
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Tip of the Week
Consider a 15-year mortgage if the payment fits your budget — you'll pay significantly less in total interest.
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Tips for Homeowners
How Lenders Verify Your Income
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W-2 employees typically provide two years of W-2s and 30 days of pay stubs. Lenders average your income over 24 months and use that figure — not your current salary if it's recently increased.
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2.
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Bonus, overtime, and commission income must have a 2-year history to be counted. If it's new, most lenders won't include it in qualifying income.
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Bank statements are reviewed for large deposits. Anything unusual must be explained and sourced — lenders are required to document where your funds come from.
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Redfin
Click the link below to read the full article.
| Key takeaway: Soft September Jobs Report May Give Fed Reason to Pause Rate Hikes, Slowing Ascent of Mortgage Rates |
Read full article →
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HousingWire
Mortgage rates are at 7.57% and demand softened more last week
| Key takeaway: Mortgage rates are at 7. |
Read full article →
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Mortgage News Daily
Home prices picked up a little more speed in July, as both FHFA and the S&P Cotality Case-Shiller Home Price Indices showed stronger annual appreciation than in their previous readings. The gains remain relatively modest by historical standards, and while nominal prices are still moving higher nationally, the picture looks considerably less impressive after accounting for inflation. The FHFA H
| Key takeaway: Home prices picked up a little more speed in July, as both FHFA and the S&P Cotality Case-Shiller Home Price Indices showed stronger annual appreciation than in their previous readings. |
Read full article →
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Redfin
Click the link below to read the full article.
| Key takeaway: These Are San Diego’s 5 Hottest Neighborhoods of 2026 |
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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