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Mortgage Market Update
Chris George
Chris George
Wednesday, October 21, 2026
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Mortgage rates drop this week—here's what changed |
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We're seeing some relief at the mortgage counter as rates pulled back. Here's what's moving the needle on your monthly payment and what it means for your timeline.
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National Mortgage Rates · October 19, 2026
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Conventional 30-Year
6.82%
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Source: Optimal Blue daily mortgage indices via FRED · Includes our pricing adjustment
Rates shown are national mortgage index rates plus our pricing adjustment, 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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Refinance Strategy
When refinancing makes sense (and when it doesn't)
Refinancing sounds simple—swap your old loan for a new one at a better rate. But the real question is whether the savings actually pencil out for your situation. A lower rate is great, but you'll pay closing costs to refinance, and if you plan to move or pay off the house soon, those costs might not be worth it. The break-even point depends on your timeline, your current rate, and what rates are doing now. Some people benefit immediately; others need a few years to recoup the cost. That's why it's worth looking at the actual numbers before you decide. Let me help you figure out whether refinancing makes sense for where you are right now.
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Tip of the Week
Your loan officer can run a credit simulator to show exactly which actions will move your score the most.
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Tips for Homeowners
Year-End Tax & Mortgage Planning
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1.
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Consider making your January mortgage payment in December to get an extra month of deductible interest in the current tax year (consult your tax advisor first).
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2.
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If you plan to sell next year, now is a good time to document improvements — receipts and records add to your cost basis and reduce taxable capital gain at sale.
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3.
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Review your W-4 withholding if you bought a home this year — your mortgage interest deduction may mean you're having too much withheld from each paycheck.
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HousingWire
Mortgage rates dipped as Treasury yields fell and stock market turbulence eased investor appetite for riskier assets. While rates remain elevated by historical standards, the week-over-week improvement gives borrowers a small breather as they shop and refinance.
| Key takeaway: Even small rate drops can save thousands over the life of your loan, so this is a good time to shop around or revisit refinancing if you've been on the fence. |
Read full article →
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HousingWire
Pending home sales—contracts signed on homes—fell sharply compared to a year ago, reflecting ongoing affordability challenges that keep many buyers sidelined. This slowdown shows just how much higher rates and prices are affecting the market.
| Key takeaway: Less competition from other buyers can work in your favor if you're able to move forward, but it also signals that affordability remains the real headwind in this market. |
Read full article →
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HousingWire
Millions of homeowners are sitting on substantial equity they could tap into—and most are choosing second mortgages (home equity loans or lines of credit) to do it rather than refinancing their primary loan. This trend shows that second mortgages remain the go-to option when homeowners need cash.
| Key takeaway: If you need to pull equity without disrupting your primary mortgage, a second lien lets you keep your current rate and terms intact. |
Read full article →
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HousingWire
A mortgage servicer has reached a settlement with the Department of Justice for refusing to honor lower interest rates and allegedly retaliating against veterans who requested relief. The case underscores that borrowers have rights when seeking rate reductions, especially those who've served.
| Key takeaway: If you're a VA borrower and your lender denies a rate reduction you qualify for, you have legal recourse—don't assume no means no. |
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 Chris George team any time and we'll walk you through your options. |
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2701 E Insight Way, Suite 150, Chandler, AZ, 85286
615-422-4705 | https://www.cgmtgteam.com
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