Hi everyone,
If your buyer sees a better mortgage quote while your seller sees a headline about fewer contracts, which one tells the real story?
Both can. Before drawing a conclusion, check when each number was measured. That's the distinction I'd keep in mind this week.
Rates improved. Here's what I'd do with that.
Freddie Mac's October 22 weekly average for a 30-year fixed mortgage fell to 7.32%, from 7.40% the week before. That's a national benchmark, not a rate your buyer can automatically get today.
That survey covered October 15–21, and markets kept moving afterward. Mortgage News Daily reported further improvement Thursday, followed by a small increase Friday that still left its rate index near a one-month low.
What helped? Worries about technology companies and AI spending continued to play a role. Mortgage News Daily linked Thursday's improvement to investors moving toward bonds as tech stocks sold off. More demand for the bonds that fund mortgages can help bring borrowing costs down.
For a buyer who paused because the payment didn't work, I'd start with a fresh estimate for the same price and down payment. How much has the monthly payment changed—and does it actually make the home more comfortable to afford?
That's a more useful conversation than trying to call the bottom in rates. A better quote is worth checking; it isn't a reason to stretch the budget.
Fewer contracts—but look at the month
September pending home sales fell 7.3% from August and 11.3% from a year earlier, according to NAR's October 20 report. These are homes going under contract, rather than completed closings.
Here's the part I'd explain to a seller: those contracts were signed in September. They can't tell us how buyers responded to last week's improvement in mortgage pricing.
That doesn't mean demand has bounced back, either. I'd use the national report as context, then look at what's going under contract now in the seller's price range and area before changing the plan.
Realtor Growth Strategy
Give every line of your bio a job
Your Instagram bio should make it easy for someone to understand who you help—and what to do next.
Here's the four-line formula I teach:
Who you help + your market. Make it clear who you're talking to and where you work.
What you specialize in or how you help. Give them something more specific than “all things real estate.”
One piece of social proof. Pick a real number of families helped or your actual Zillow review count.
One clear call to action. Tell them exactly what to do, like “DM BUY for my home buying guide” or “DM VEGAS for my relocation guide.”
Example Instagram bio - For an agent who helps people relocate, that could look like:
Helping buyers move to Las Vegas
Relocation made simple
[Your actual number] families helped
DM VEGAS for my relocation guide
Use your own accurate proof, and only offer a guide you have ready to share. Keep your required brokerage and licensing information in place.
And don't forget your name field. Include your market and “Realtor,” like:
Jane Doe | Las Vegas Realtor
Take a look at your profile today. Does each line have a clear job?
3 things I'm watching this week
All times Eastern.
Tuesday, October 27, 10 a.m.: How did new homes sell in September? This gives us another look at buying activity, this time for newly built homes. Keep the September timeframe in mind here, too.
Wednesday, October 28, 2 p.m.: What does the Fed say about what comes next? The decision is followed by a 2:30 p.m. press conference. I'll be watching the outlook, without treating a Fed decision as an automatic change to a buyer's mortgage quote.
Thursday, October 29, 8:30 a.m.: Is the economy growing while inflation cools? We'll get the first estimate of third-quarter GDP, along with September income, spending and PCE inflation. Together, they help answer whether growth and price pressure are easing or staying firm.
Have a client trying to make sense of a mortgage headline? Reply with the question—I'm happy to help you talk it through.
Jessica Eiroa
Mortgage Loan Officer | NMLS #1380149
Five Star Mortgage | Company NMLS #1756744
702-285-0633
[email protected]
eiroahomeloans.com
Educational Disclaimer:
This newsletter is for educational and informational purposes only and is not a commitment to lend. Mortgage rates, programs, terms and availability are subject to change and borrower qualification. This information is not intended as tax, legal or financial advice.
Five Star Mortgage
2629 W. Horizon Ridge Pkwy Suite 140
Henderson, NV 89052