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Mortgage Market Update
Mike Gurley
Mike Gurley
Monday, November 2, 2026
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Builder confidence hits 14-year low—what it means for you |
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This week brought some sobering news from the construction side of the housing market. We're breaking down what builders are seeing, how it affects home inventory, and what to watch next.
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National Mortgage Rates · November 2, 2026
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Conventional 30-Year
7.13%
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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
Refinancing resets your amortization clock. If you're 10 years into a 30-year loan, consider a shorter term to avoid paying more total interest.
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Tips for Homeowners
Co-Signing a Mortgage: What You're Really Agreeing To
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Co-signing makes you equally responsible for the debt. If the primary borrower misses payments, your credit score takes the same hit and the lender can pursue you for the full balance.
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The co-signed mortgage debt appears on your credit report and counts toward your DTI. This can limit your ability to qualify for your own financing until the loan is paid off or refinanced out of your name.
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3.
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There's no automatic way to remove yourself as a co-signer — the primary borrower must refinance the loan in their name alone. Get this understanding in writing before you sign.
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Mortgage News Daily
The National Association of Home Builders' confidence index dropped to 29 in October—the weakest reading in 14 years. Higher mortgage rates, rising construction costs, and labor shortages are all weighing on builders' outlook, and buyer traffic has taken the biggest hit. This slowdown means fewer new homes coming to market, which could tighten supply even more.
| Key takeaway: reduced builder confidence typically leads to fewer new homes being built, which could keep inventory tight and support home values in your area. |
Read full article →
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Mortgage News Daily
Home prices edged up again in August, with the FHFA House Price Index showing a 0.3% monthly gain and 2.4% annual appreciation. The good news is that price growth is more moderate than the runaway years we saw earlier—but it's also uneven across regions, meaning where you live matters a lot. Some areas are seeing barely any appreciation while others are climbing faster.
| Key takeaway: modest, steady price growth beats the boom-and-bust cycle, and regional variation means you should focus on your local market rather than national headlines. |
Read full article →
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Mortgage News Daily
New home sales stayed relatively flat in September, holding near 676,000 units at an annual pace and showing that August's rebound has held up so far. Inventory of new homes for sale remains modest at 476,000, which is tight by historical standards. The broader trend over the past three years has been sideways rather than moving sharply in either direction.
| Key takeaway: steady new home sales suggest the market isn't in free fall, but tight inventory means fewer options and less negotiating power for buyers right now. |
Read full article →
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Mortgage News Daily
Existing home sales picked up slightly in September, but the overall picture hasn't changed much since late 2023. Sales dropped sharply from 2022 levels and have been essentially flat ever since, hovering around 4 million units per year. This stalled market reflects a mix of high prices, elevated mortgage rates, and homeowners reluctant to give up their current rates.
| Key takeaway: a flat resale market means less turnover, fewer listings, and less downward pressure on prices—which is why so many homeowners are staying put. |
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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