Daily Market Update, Oct 31, 2026: Rates Ease Again, Inflation Ticks Up to 3.6%, Amendment 3 Nears Vote, King Tides Flood Coastal Homes
Good morning, and happy Halloween! I'm Royal Hoang Duong. Here's my quick look at the latest mortgage, housing, and insurance news, and what it means for you.
1. Mortgage: rates ease, but inflation is still a worry
- Daily rates slipped again Friday. Mortgage News Daily's index put the 30-year fixed at 7.27% on Oct. 30, down from 7.29% the day before and 7.35% on Oct. 28 (Mortgage News Daily). Zillow data shared with NerdWallet showed the 30-year at 7.18% APR, 14 basis points lower than Thursday. NerdWallet notes October averaged 7.3% for the month, compared with 6.98% in September (NerdWallet).
- Inflation rose in September. The government's PCE price index, the Fed's preferred inflation gauge, was up 3.6% from a year earlier, compared with 3.4% in August. Core prices (without food and energy) were up 3.1% (BEA).
- What to watch next. The October jobs report comes out Friday, Nov. 6, and the Fed meets again Dec. 8–9. Strong job numbers plus higher inflation would make a December rate increase more likely (NerdWallet).
My takeaway: Rates drifted down this week, but rising inflation could push them back up. If you're in contract or close to it and you like your quote, talk with me about locking. As a broker with H & L Lending, I compare options from multiple lenders, including FHA, VA, and conventional loans.
2. Florida real estate: Amendment 3 vote is Tuesday
- More detail on what changes. If voters approve Amendment 3 on Nov. 3 (it needs 60%), the homestead exemption on non-school property taxes rises from about $50,000 to $150,000 in 2027 and $250,000 in 2028. The yearly cap on taxable-value increases for rentals, second homes and commercial property drops from 10% to 5%. People who aren't Florida residents on Dec. 31, 2026 would get the larger exemption only starting in their fifth year. It would take effect Jan. 1, 2027 (ClickOrlando / News 6).
- Who's for and against. Florida Realtors has put more than $18 million into the "Yes on 3" campaign, while sheriffs, firefighters and city leaders oppose it (ClickOrlando / News 6). A University of North Florida poll published Oct. 21 found about half of likely voters plan to vote yes, with 14% undecided. Some local governments are already planning new fees to cover services like parks and fire departments (Insurance Journal / Bloomberg).
My takeaway: If you're buying a Florida home, the result could change your future tax bill, especially for a primary home. Rental and investment owners should watch the 10%-to-5% cap. Whatever happens Tuesday, I'll help you estimate taxes when we run your numbers.
3. Insurance
- Florida, South Carolina, California: king tides flood homes. King tides sent seawater into streets, homes and businesses this week. Most of Florida's Atlantic coast was under flood warnings through early Friday, street flooding hit Charleston and Myrtle Beach in South Carolina, and Southern California set record high tides in Santa Barbara, San Pedro, San Diego and La Jolla (Insurance Journal / AP).
- California: flood watch and a new insurance commissioner. Forecasters warned of coastal flooding through Friday and possible rain in Southern California this weekend from an atmospheric river (Insurance Journal). Californians elect a new insurance commissioner on Nov. 3. NAIC data shows California homeowners insurers paid out about $1.70 in losses for every $1 of premium in 2025, largely from the Los Angeles fires. The FAIR Plan's 29.1% rate increase took effect Oct. 15 (Insurance Business).
- Other states. I didn't find major new rate or regulation news in the past day for Texas, Ohio, Mississippi, Missouri, Alabama, Arkansas, Colorado or Oklahoma.
My takeaway: A standard homeowners policy usually does not cover flood damage. Flood insurance through the National Flood Insurance Program typically has a 30-day waiting period before it starts (FloodSmart), so don't wait for the next storm. I can quote flood, home, and auto coverage together.
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 averages and are not an offer or commitment to lend. Not all applicants will qualify. This is general information, not tax or legal advice.
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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.