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Mortgage Market Update
Erez Shimoni
Erez Shimoni
Thursday, October 22, 2026
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Why buyers are staying on the sidelines despite stable prices |
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This week we're looking at what's really holding back home shoppers—and it's not just about the numbers on a price tag. Here's what matters for your wallet and your timeline.
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National Mortgage Rates · October 20, 2026
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Conventional 30-Year
7.33%
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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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HousingWire
Even as home prices have stabilized, buyer activity remains weak in several markets across the country. The real culprit isn't price alone—it's the combination of higher mortgage rates and stretched affordability that's keeping shoppers on the sidelines.
| Key takeaway: don't wait for prices to drop further; focus instead on your personal financial readiness and lock in a rate when you're prepared to move. |
Read full article →
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Mortgage News Daily
September brought a small uptick in home prices nationally, with some regions posting better gains than others. When you account for inflation, the picture is less rosy than the headline numbers might suggest.
| Key takeaway: nominal price gains don't tell the whole story—compare what homes actually cost to what they're worth in terms of your real purchasing power. |
Read full article →
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Mortgage News Daily
After a dip in July, new home sales rebounded in August to a more typical level, though they're still running a bit behind last year's pace. The recovery suggests some stability in the market, even if overall demand remains measured.
| Key takeaway: if you're considering a new construction home, this relative stability gives you a steadier foundation for comparing options and negotiating. |
Read full article →
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HousingWire
A new executive order proposal aims to reduce borrowing costs through changes to mortgage insurance, manufactured housing programs, and refinancing options. While details are still in development, the focus on affordability signals that policymakers recognize the squeeze homebuyers are feeling.
| Key takeaway: keep an eye on refinancing rules and mortgage insurance updates over the coming months, as these changes could create new opportunities to reduce your costs. |
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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