Daily Market Update, Oct 27, 2026: Rates Hold Above 7%, Florida Homes Go Under Contract Faster
Good morning! I'm Royal Hoang Duong. Here's my quick look at the mortgage and Florida real estate news that matters for your wallet this week.
1. Mortgage: rates steady, but still above 7%
- Rates held steady Monday. Mortgage News Daily called Oct. 26 an "uneventful day," with the average rate sitting just above its lowest level in more than a month.
- Where averages sit. Zillow's marketplace showed a 30-year fixed purchase rate of 7.12% and a 15-year fixed of 6.48% on Oct. 26 (Yahoo Finance). Bankrate's national average for a 30-year fixed was 7.36% (WSJ Buy Side). Different surveys measure differently, which is why the numbers don't match exactly.
- FHA and VA are lower. U.S. News, using Zillow data, listed FHA at 5.99% and VA at 6.617% on Oct. 26 (U.S. News).
- Outlook. The Mortgage Bankers Association's October forecast projects the 30-year rate averaging 7.3% in Q4 2026 and 7.1% for 2027 (MBA forecast, PDF).
My takeaway: Don't wait for a big drop that forecasters aren't predicting. If you're a first-time buyer or a veteran, ask about FHA and VA options, and compare loan programs side by side. As a broker, we shop your loan across multiple lenders.
2. Florida real estate: homes are going under contract faster
- Q3 sales held steady. Florida Realtors reports statewide single-family closed sales of 65,904 in Q3, up 0.2% year over year, with a median price of $420,000, up 2.4% (Florida Realtors).
- Faster and closer to asking. Median time to contract shortened to 47 days from 52, and sellers got a median 96% of their original list price. Inventory was down 9.8%, to a 4.4-month supply.
- Condos have more choice. Condo and townhouse sales rose 3.1% in Q3 with a $295,000 median, and condos had a 7.7-month supply in September, giving buyers more room to negotiate (Florida Realtors).
My takeaway: Sellers, well-priced homes are moving. Buyers, condos are where you have the most bargaining power, but always check association fees, reserves, and any planned assessments before you sign.
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Questions about a home loan, buying or selling in Florida, or your insurance? Call or text me at 813-735-7125, get an insurance quote, or start your mortgage pre-qualification.
Royal Hoang Duong, Loan Officer NMLS #1852235 with H & L Lending Company LLC (NMLS #1660192), a mortgage broker. Licensed Real Estate Professional, LPT Realty (SL3386362). Insurance Agency, Royal Financial Services & Insurance. Rates quoted are third-party national averages and are not an offer or commitment to lend. Not all applicants will qualify.
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For general education only, not financial, legal or insurance advice. Rates and programs subject to change. Home loans are arranged through H & L Lending Company LLC (NMLS #1660192), a mortgage broker, not a lender.