Daily Market Update, Oct 28, 2026: Rates Tick Up Ahead of the Fed, Tampa Leads Florida Building Permits
Good morning! I'm Royal Hoang Duong. Here's my quick look at yesterday's mortgage, Florida real estate, and insurance news, and what it means for you.
1. Mortgage: a small bounce, with the Fed meeting this week
- Rates rose Tuesday after falling last week. Zillow's marketplace showed the 30-year fixed purchase rate at 7.23% on Oct. 27, up 11 basis points, with the 15-year fixed at 6.60% and the 30-year VA at 6.85% (Yahoo Finance).
- Other surveys. Mortgage News Daily's index held at 7.33% for the 30-year fixed, with 30-year FHA at 6.98% and 30-year VA at 6.99% (Mortgage News Daily). Bankrate's 30-year average was 7.38%, down from 7.47% a week earlier (WSJ Buy Side). Each survey measures differently, so the numbers don't match exactly.
- All eyes on the Fed. HousingWire notes rates fell for a third straight week heading into the Federal Reserve meeting, while futures markets point to the Fed holding rates steady (HousingWire). Economists in a Reuters poll expect no change this week but see a possible hike in December, as reported by Florida Realtors.
My takeaway: Rates are moving in small steps, not big swings. If you're shopping, get pre-qualified now so you can lock quickly when a good day comes. As a broker, we compare your loan across multiple lenders, including FHA and VA options.
2. Florida real estate: permits down, Tampa still busiest
- Permits fell 21% in September. Florida recorded 6,184 new residential permits in September, down 21.1% from August's 7,842, according to building permit data firm HBW (Florida Realtors).
- Tampa Bay area stands out. The Tampa region led the state with 1,898 permits worth $639.8 million. Polk rose to 577 permits from 510, and Pasco rose to 524 from 517.
- New federal limits on big investors. Starting Jan. 7, 2027, a new federal law generally bars large institutional investors (those controlling 350 or more single-family homes) from buying single-family homes unless an exception applies. Treasury proposed the exception rules on Oct. 22, and they can still change (Florida Realtors).
My takeaway: One month of permits doesn't set a trend, but steady building in Pasco and Polk means more new-construction choices for Tampa Bay buyers. Buyers looking at new builds, compare builder incentives against what an outside loan could offer you.
3. Insurance in the states I serve
- Florida sues a climate-risk scoring firm. Florida's Attorney General filed suit Oct. 23 against First Street, the company whose 1-to-10 flood, fire, and wind risk scores appear on many real estate websites, saying the scores rest on flawed science (Insurance Journal).
- California. Insurance Commissioner Ricardo Lara created a commission to study how forests, wetlands, and other natural systems affect disaster risk and insurance markets (Insurance Journal).
- Flood insurance online. FEMA launched an online tool that lets residents in participating communities get a quote and buy a National Flood Insurance Program policy online, as reported by Florida Realtors.
- Oklahoma drivers, coming Nov. 1. A new law raises the damage amount that requires a written collision report to the Department of Public Safety from $300 to $3,000 when a crash isn't settled within six months (Oklahoma Insurance Department).
- No major new consumer insurance news in the past day for Ohio, South Carolina, Mississippi, Missouri, Texas, Alabama, Arkansas, or Colorado.
My takeaway: A risk score on a listing site is not your insurance quote. Insurers use their own data, so get a real quote before you decide on a home. And if your home isn't in a high-risk flood zone, flood coverage is often more affordable than people expect.
Let's talk
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.