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Mortgage Market Update
Mike Gurley
Mike Gurley
Friday, October 23, 2026
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Mortgage rates may drop further—here's what to watch |
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This week brought some encouraging signals about where rates might be headed, along with a reality check on home affordability. We've pulled together what matters most to 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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Equity & Access
What your home equity can do for you
If you've been paying your mortgage for a few years, you likely have equity built up—the difference between what your home is worth and what you owe. That equity isn't just a number on paper. It can be a financial tool when you need it. Whether you're thinking about renovating, consolidating debt, or handling an unexpected expense, a home equity loan or line of credit lets you tap into that value at rates that are often better than credit cards or personal loans. The right move depends on your situation and goals. I'd like to walk you through how this works and whether it makes sense for you.
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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
Click the link below to read the full article.
| Key takeaway: watch your lender's rate card closely over the next few weeks—meaningful rate drops could be on the horizon. |
Read full article →
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Mortgage News Daily
National home prices picked up a bit in July, with both major price indices showing slightly stronger gains than the month before. The growth is still modest by historical standards, and when you factor in inflation, the real gains look even smaller. This uneven picture means your location matters more than ever when evaluating whether to buy now.
| Key takeaway: before making a move, dig into what's happening in your specific market—national trends don't tell the whole story. |
Read full article →
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Mortgage News Daily
Builder sentiment sank in September to its lowest level since 2022, driven by higher mortgage rates, rising construction costs, and labor shortages. This pullback is already affecting new home availability in many markets. Fewer new homes being built means less competition and potentially higher prices for the homes that do come to market.
| Key takeaway: if you're considering a new build, expect fewer options and less wiggle room on pricing in the months ahead. |
Read full article →
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Mortgage News Daily
Signed contracts on existing homes edged higher in August, with strength in the South and West offsetting weakness in the Northeast and Midwest. Buyers are still making moves despite elevated rates, though activity remains notably below last year's levels. The regional splits show which parts of the country are seeing more buyer interest.
| Key takeaway: if you live in a hot market region, expect more competition—but cooler markets may offer better negotiating power. |
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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