Daily Market Update, Oct 30, 2026: Freddie Mac Rate Falls to 7.24%, Home Prices Up 1.7%, Florida Homeowner Rate Cuts Hit 824,000 Policies
Good morning! I'm Royal Hoang Duong. Here's my quick look at yesterday's mortgage, housing, and insurance news, and what it means for you.
1. Mortgage: rates down for a second straight week
- Freddie Mac: 7.24%. The 30-year fixed averaged 7.24% as of Oct. 29, down from 7.32% last week and the lowest level this month. The 15-year fixed fell to 6.60% from 6.68%. A year ago, the 30-year was 6.17% (Freddie Mac). AP notes it is the second straight weekly decline and the lowest in more than a month (AP News).
- What it means. Freddie Mac's chief economist Sam Khater said the drop is "modestly boosting purchasing power for prospective buyers" (Freddie Mac). Keep in mind this survey assumes 20% down and excellent credit, so your rate can be different.
My takeaway: A small drop still helps. On a $350,000 loan, every 0.1% is roughly $20–$25 a month. If you were pre-approved a few weeks ago, let me re-run your numbers. As a broker, I compare options from multiple lenders, including FHA and VA.
2. Housing: prices still rising in most metros
- NAR's Q3 report. Home prices rose in 78% of metro areas in the third quarter, down from 80% in Q2. The national median single-family price rose 1.7% from a year earlier to $432,900. In the South, the median was $374,900 (+1.0%) (NAR).
- Payments. The typical monthly mortgage payment with 20% down was $2,251, up $48 from the prior quarter. Families spent 24.1% of income on mortgage payments on average. 21% of markets saw prices decline (NAR).
- Texas. Beaumont-Port Arthur was among the 10 large markets with the biggest price gains (+9.9%) (NAR).
My takeaway: Prices aren't falling in most places, they're just rising slowly. Waiting for a big price drop may not pay off; it's better to focus on a payment you're comfortable with.
3. Insurance
- Florida: 824,300 homeowners get rate cuts this month. Florida OIR says more than 824,300 homeowners get decreases on new policies or renewals in October, some up to 12.1%. Examples: Universal P&C -5% (512,000 consumers), Cypress P&C -12.1%, Castle Key Indemnity HO-6 -12%, and Kin -3.4%. OIR says about 450,000 more Floridians are expected to get decreases in November through January (Florida OIR; ClickOrlando).
- Florida: sham insurer indicted. Two Destin men were federally indicted over an unlicensed "insurance company" that allegedly took more than $651,000 in premiums and issued falsified certificates of insurance. Trial is set for Dec. 14 (Insurance Journal).
- Texas: State Farm increase starts Nov. 1. State Farm Lloyds, Texas's largest homeowners insurer, filed a 4% statewide increase for renewals starting Nov. 1. By its own estimate, about 751,000 of its roughly 987,000 Texas policies would see increases (ABC13 Houston).
- Texas: an old roof alone isn't a reason to deny you. TDI clarified that insurers can't refuse to issue or renew a homeowners policy just because the house or roof is old, though they can consider its actual condition, and age can still affect price (KNUE).
My takeaway: If your renewal is coming up, in Florida or Texas, don't just accept it. I can shop your home and auto insurance with multiple carriers. And before paying anyone for coverage, check that the agent and company are licensed.
Let's talk
Questions about a home loan, buying or selling, or your insurance? Call or text me at 813-723-1686, 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.