Daily Market Update, Nov 1, 2026: Fixed Rates Slip to 7.10%, Broward Condo Prices Fall, FHA Condo Approvals Scarce, California Braces for El Niño Storms
Good morning! I'm Royal Hoang Duong. Here's my weekend look at the latest mortgage, Florida housing, and insurance news, and what it means for you.
1. Mortgage: fixed rates keep easing, ARMs jump
- Fixed rates fell again. Zillow data shared with Yahoo Finance put the 30-year fixed purchase rate at 7.10% for Saturday, Oct. 31, down 2 basis points. The 15-year fixed dropped 8 basis points to 6.45%, and the 30-year VA rate was 6.71%. The 5/1 ARM went the other way, rising 19 basis points to 7.03%, so it's now barely cheaper than a 30-year fixed (Yahoo Finance).
- Lowest lock rates in about five weeks. Optimal Blue's rate-lock index showed the 30-year conforming rate at 7.15% on Oct. 29, the lowest reading since Sept. 23. Its FHA index was 7.04% and its VA index 6.79% (Mortgage Daily).
- Forecasts don't call for a big drop. The Mortgage Bankers Association expects the 30-year rate to average 7.3% in the fourth quarter, and Fannie Mae's forecast is 7.4% (Yahoo Finance).
My takeaway: If you were thinking about an adjustable-rate loan, the savings over a fixed rate mostly disappeared this week, so compare carefully. Veterans should look at VA loans, which are still among the lowest rates. As a broker with H & L Lending, I can shop FHA, VA, and conventional options from multiple lenders for you.
2. Florida real estate: Broward condo prices drop, cash buyers rule
- Broward sales slowed in September. MIAMI REALTORS + RWorld reported total Broward closings fell 9.7% from a year earlier to 1,825. The median condo price fell 14.6% to $235,000, while the median single-family price rose 2.4% to $641,500 (Key West Citizen).
- Buyers have more room on condos. Broward had a 4.2-month supply of single-family homes, which still favors sellers, but a 10.2-month supply of condos, which gives buyers more leverage. Single-family homes went under contract in a median 39 days, down from 48 a year earlier (Key West Citizen).
- Condo financing is tight. Only 21 of 2,397 condo buildings in Miami-Dade, Broward, and Palm Beach counties (about 0.9%) are approved for FHA loans, based on HUD data cited in the report. Cash paid for 54.7% of Broward condo sales (Key West Citizen).
My takeaway: If you're buying a Florida condo with a loan, check early whether the building qualifies for your financing, and look closely at association fees, reserves, and any planned assessments. A lower price can be a real opportunity, but only if the building can be financed and insured. I'm happy to check this with you before you make an offer.
3. Insurance
- California: a stormy winter could be ahead. Scientists told USA TODAY that the strong El Niño raises the risk of back-to-back atmospheric rivers and serious flooding in California this winter. One UC climate scientist said the risk of a severe, weeks-long "ARkStorm"-type flood is more likely in a year like this one (USA TODAY).
- Auto: GM settles over selling driver data. General Motors agreed to pay $220 million to settle claims by the attorneys general of 35 states and Washington, D.C., that it sold drivers' behavior and location data to brokers, who sold it to insurers that used it to set and sometimes raise rates. GM must now get drivers' express consent before collecting or sharing that data (Insurance Journal / Reuters).
- Texas: roof-age rule hearing Tuesday. The Texas Department of Insurance holds a public hearing Nov. 3 on its proposed clarification that insurers can't refuse to write or renew a home policy just because of the age of the home or its parts, like the roof. Public comments are open through Nov. 9 (Troutman Pepper Locke).
- Other states. I didn't find major new rate or regulation news in the past day for Florida, Ohio, South Carolina, Mississippi, Missouri, Alabama, Arkansas, Colorado, or Oklahoma.
My takeaway: Homeowners and renters policies usually don't cover flood, and federal flood insurance typically has a 30-day wait before it starts (FloodSmart), so Californians shouldn't wait for the first big storm. If you use a driving-tracking app or program for an auto discount, read what data it shares. I can quote home, flood, and auto coverage together.
Let's talk
Questions about a home loan, buying or selling in Florida, 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.