Mortgage Mom Radio Weekly - October 23, 2026

Friday, October 23

0.01%

between the rate on the news and the rate on your sheet

Freddie Mac published 7.32% yesterday morning, down from 7.40% the week before. Lenders were quoting 7.33% today, down from 7.37% a week ago. For once the headline and your rate sheet are telling you almost exactly the same thing.

Freddie Mac PMMS, October 22, 2026, and Mortgage News Daily, October 23, 2026. National averages for illustration only, not a commitment to lend. Your rate depends on credit, loan amount, property and full underwriting.

Average rates today

National averages, October 23, 2026

HELOC, home equity loan and DSCR pricing is quoted per scenario, not as a national average, so there is no honest number to print here. Text me and I will quote yours.

Conforming covers loans backed by Fannie Mae and Freddie Mac, which are not quoted separately. Sources: Mortgage News Daily daily averages and the Freddie Mac survey. APR estimates use industry-standard fee uplifts. National averages for illustration only, not a commitment to lend; your rate depends on credit, loan amount, property and full underwriting.

From Debbie

Rates came down again this week. The Freddie Mac survey fell to 7.32% on Thursday, and lenders were quoting 7.33% today. On Thursday the average rate sheet hit 7.30%, the lowest since September 23.

It is the same story as last week. Investors are worried about the big tech and AI companies, so money is leaving stocks and moving into bonds, and that pulls rates down. On Thursday the 10-year Treasury, the number your mortgage rate follows, closed at 4.96%, back under 5% for the first time since September 22.

I would still be careful. Nothing about inflation got better this week, and a move driven by nervous markets can turn around just as fast. But if you have been waiting for a better rate, this is the best stretch in about a month. Get a fresh quote, and if you like it, ask your lender about locking.

— Debbie

On the show this week

Appraisal came in low? Don’t panic. The deal isn’t dead.

You are under contract and the appraisal comes back below the price. You have four real options: ask the seller to lower the price, bring more cash, challenge the appraisal, or walk away if your contract allows it.

If you challenge it, make it count. On Fannie Mae and FHA loans you get one formal challenge per appraisal, called a reconsideration of value. You go through your lender, not the appraiser, and you can submit up to five comparable sales. “I think it’s worth more” is not enough. Point to what the report got wrong.

Read it the day you get it. You have a right to a copy of the appraisal before closing, and the challenge has to be settled before closing too.

On Wednesday’s show I walked through all of it, plus three things to do before the appraiser ever comes out.

Fannie Mae and FHA rules only; VA and other loan programs have their own process. General education, not legal advice or a commitment to lend.

Home equity

Need cash? Don’t give up your low rate to get it.

A lot of you are sitting on two things at once: real equity in your home, and a first-mortgage rate you would never get again. If you need money for a remodel, a pool, tuition, or to pay off higher-interest debt, refinancing your whole mortgage to get it usually makes no sense right now.

There are two ways to borrow against your home and leave that first mortgage exactly where it is. A home equity line of credit works like a credit line you draw from as you need it. A fixed-rate second mortgage gives you one lump sum with a set payment. Lines of credit usually move with the prime rate, so this is a good time to compare the two side by side.

I built a quick calculator on my site that shows roughly how much of your equity you could access, using your own numbers. It takes ten seconds and does not touch your credit.

For your parents

Worried about Mom and Dad’s retirement?

A lot of the reverse mortgage calls I get don’t start with the homeowner. They start with a son or daughter who is worried that their parents are house-rich and cash-tight.

If your parents are 62 or older and most of what they have is tied up in their home, a reverse mortgage may be worth understanding. They keep the title and keep living there, with no required monthly mortgage payment. Their property taxes, insurance and upkeep stay theirs. It is not right for everyone, and I will say so if it isn’t.

The best first conversation includes the whole family, so everyone hears the same information. Send this to them, or book a call together.

Talk to me Debbie Marcoux Mortgage Mom · NMLS #237926 · on air Wednesdays 3PM PT

If something in here raised a question, ask me. You do not have to be ready to buy, you do not need paperwork, and there is no application involved. Most of what I do all day is answer questions for people who are still figuring it out.

Pick a time that works for you and we will talk it through.

Where I can help. Licensed in Arizona, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Nevada, North Carolina, Oregon, Tennessee, Texas and Washington. If you are buying somewhere else, tell me anyway and I will say so straight away.

Send me your scenario.

I will run your actual numbers for your actual situation. No pressure, no application.

Debbie Marcoux, NMLS #237926 · JMJ Financial dba Mortgage Mom Radio, NMLS #167867 · Equal Housing Lender. Licensed in AZ, CA, CO, FL, GA, HI, ID, IL, NV, NC, OR, TN, TX, WA.

Debbie Marcoux is a licensed mortgage loan originator. She is not a financial advisor, investment adviser, tax professional or attorney, and nothing in this newsletter is financial, investment, tax or legal advice. Consult your own professional about your particular situation before acting.

For illustrative and educational purposes only. Not a commitment to lend. Rates, terms and eligibility subject to underwriting approval and change without notice.