Rates are falling. Buyers still aren’t biting.

Plus: Federal Reserve set to hold interest rates steady

October 28, 2026

👋 Hi again! Hope your Wednesday is wonderful!

🕑 Today's newsletter is 748 words, a 2.5-minute read.

Disclaimer: Average mortgage rates as of October 23, 2026. © MND Daily Rate Index.

1. Rates are falling. Buyers still aren’t biting.

Two straight weeks of rate declines brought borrowers back, with total application volume up 3.4% last week. Purchase apps rose 4% and refi apps climbed 3%, though both remain sharply below year-ago levels.

  • Total application volume: up 3.4% week over week

  • Purchase apps: up 4% week over week, down 18% year over year

  • Refi apps: up 3% week over week, down 61% year over year

  • ARM share: 11.3%, highest in more than a year; 5/1 ARM rate at 6.41%

About half of all borrowers today have a mortgage rate below 4%, meaning there’s almost no incentive to refinance at current levels. The ARM share keeps rising as buyers hunt for savings wherever they can find them.

2. Federal Reserve set to hold interest rates steady

The Federal Reserve (Fed) announces its Interest Rate Decision today, following another pivotal meeting that could provide key insights into the bank’s monetary policy outlook heading into the end of the year.

Markets widely expect the Federal Open Market Committee (FOMC) to leave the policy rate unchanged in the range of 3.75%-4% following the 25 basis points (bps) hike announced in September.

This decision is almost fully priced in, with the CME FedWatch Tool pointing to about only a 9% chance of an increase in borrowing costs. Hence, Fed Chair Kevin Warsh’s comments in the post-meeting press conference could offer important clues on the rate outlook and drive the US Dollar’s (USD) valuation.

Why Is Finding a New Mortgage Company Such a Pain in the Ass?

Think about it. Normal People can jump on Indeed, ZipRecruiter or LinkedIn and research thousands of job opportunities.

But finding a better mortgage company to move to? Good luck!

You're stuck talking to headhunters, recruiters, taking your buddy's word for it, or hoping some company actually delivers on its promises.

Now Loan Officers can anonymously research lenders, compare what they offer, and make informed decisions without the recruiting circus.

3. More Nuggets

📉 Mortgage rates drop below 7.5% ahead of expected Fed pause. (MND)

🏡 Case-Shiller home values rose 2.1% in August, trailing 3.4% inflation. (Realtor)

📰 NAMB’s Michael Farrell on 2027 priorities of mortgage education, advocacy and member benefits. (HousingWire)

💸 4 in 10 say personal finances worsening: Survey. (The Hill)

4. New home sales fall amid surge in mortgage rates

Sales of new homes edged lower last month as homebuilders’ efforts to trim prices and offer sales incentives failed to offset a surge in mortgage rates.

  • New single-family home sales decreased 0.6% in September to an annualized rate of 676,000, according to figures released yesterday by the federal government.

  • The median sales price of a new home fell 3.9% from a year ago to $400,400, the seventh of nine months so far in 2026 to show a year-over-year price decline.

New-home sales in the South, the nation’s biggest home-selling region, fell 6.6% to an annualized 413,000. Sales in the Midwest also fell, offsetting gains in the West and the Northeast.

5. Alexander brothers sentenced to 30 years each

Three Florida brothers who exploited the wealth and influence of their family’s luxury real estate business to drug and rape dozens of women were each sentenced to 30 years in prison in New York on Tuesday for sex trafficking.

Twins Oren and Alon Alexander, 39, and Tal Alexander, 40, were convicted in March on multiple charges after a five-week trial heard details of years of sexual assaults committed in Miami, New York and other high-end locations including the Hamptons; Aspen, Colorado; and on a Caribbean cruise.

The brothers moved from Florida to New York in 2008. Oren and Tal Alexander were star representatives at real estate firm Douglas Elliman, before forming their own brokerage, Official, which made hundreds of millions of dollars selling condos to wealthy and celebrity clientele.

6. 1 tweet

☀️ You’re all caught up. See you on Friday!

🚀 Wanna help our newsletter grow? Forward it to a friend or colleague.

Would you like to receive a ready-to-send weekly marketing email for your realtors and/or clients? Start your 30-day free trial here.

Was this email forwarded to you? Subscribe here.