Daily Market Update, Nov 2, 2026: Rates Start the Week Lower, Amendment 3 Savings Estimates, Citizens Takeout Deadline Thursday, Texas Assigned-Risk Auto Rates Rise
Good morning! I'm Royal Hoang Duong. Here's my Monday look at the latest mortgage, Florida housing, and insurance news from the weekend, and what it means for you.
1. Mortgage: lower than a week ago, with a big week ahead
- Rates start the week down from last Monday. NerdWallet's Zillow-based average put the 30-year fixed at 7.07% APR this morning, 13 basis points lower than a week ago but 96 basis points higher than a year ago. The 15-year fixed was 6.43% APR (NerdWallet). Bankrate's survey had the 30-year fixed at 7.27%, down 0.11 point from last week (Bankrate). Each survey measures differently, so the numbers don't match exactly.
- Bonds rallied Friday. The 10-year Treasury yield, which mortgage rates tend to follow, closed at 4.94% on Oct. 30, down from a 5.31% high on Oct. 5 (Mortgage Daily). A big sell-off in tech stocks Friday sent investors into Treasurys, and the 10-year was around 4.91% early Monday (CNBC).
- What could move rates this week. Tuesday's midterm elections, the Treasury's borrowing plan on Wednesday, Freddie Mac's weekly rate survey on Thursday, and the October jobs report on Friday, Nov. 6. Forecasts call for about 55,000 new jobs after 29,000 in September. A strong jobs number tends to push rates up; a weak one can help them ease (Mortgage Daily; CNBC). The next inflation report is Nov. 10 and the next Fed decision is Dec. 9.
My takeaway: Rates are better than a week ago, but Friday's jobs report can move them either way in a single day. If you're closing in the next month and your payment works today, talk with me about locking before Friday. As a broker with H & L Lending, I shop FHA, VA, and conventional loans with multiple lenders for you.
2. Florida real estate: Amendment 3 savings, Miami price cuts, and a solar-panel closing trap
- What Amendment 3 could save, by city. Florida voters decide Amendment 3 tomorrow (it needs 60%). Florida TaxWatch released a tool estimating yearly savings on non-school property taxes for homesteaded homes valued over $250,000. A few Central Florida examples for 2027 and 2028: Orlando $1,113 and $2,242; Lakeland $1,215 and $2,447; Kissimmee $1,191 and $2,399; Davenport $1,394 and $2,808. If a home's assessed value is $150,000 or less in 2027 ($250,000 or less in 2028), the owner would owe no local non-school property tax, though school taxes would still apply (ClickOrlando / News 6).
- Miami sellers are cutting prices. As of Nov. 1, 40.1% of the 2,150 single-family homes listed in Miami were priced below their original asking price, with a median cut of 4.9% (about $47,000). For condos, 37.7% had cuts, by a median 5.7%. The median condo association fee was $972 a month. Miami had 6.4 months of house inventory and 14.8 months for condos and townhomes, both buyer's-market levels, according to a PBP Real Estate analysis of MLS listings (PBP Real Estate).
- Leased solar panels can delay a closing. A Florida real estate attorney writing for Florida Realtors explains that leased or financed solar panels usually come with a "UCC-1" filing that shows up in the title search, and the buyer's lender won't fund until it's handled. Sellers can usually fix it by transferring the lease to the buyer or buying it out from the sale proceeds, but it takes time (Florida Realtors).
My takeaway: If you're buying in Florida, look at the condo fee and the price history, not just the list price; a lot of sellers are already negotiating. If you're selling a home with solar panels, call your solar company before you list and get the transfer packet and buyout figure. I'm happy to help you plan either side.
3. Insurance
- Florida: Citizens takeout choice due Thursday. The Office of Insurance Regulation approved Southern Oak Insurance Company and American Integrity Insurance Company to take policies out of Citizens on Nov. 17 (Florida OIR). Citizens' calendar sets the policyholder choice deadline for that round at Nov. 5. If you get an offer and don't choose by the deadline, Citizens assigns your policy to a takeout company, the one with the lowest estimated premium if more than one picked you (Citizens calendar, PDF).
- Florida: Hurricane Isaias aid now open. FEMA approved Individual Assistance for Bay, Escambia, Gulf, Holmes, Okaloosa, Santa Rosa, Walton, and Washington counties. Residents can apply at DisasterAssistance.gov, on the FEMA app, or at 1-800-621-3362, and should file their insurance claim first (Florida Division of Emergency Management). Insurers had reported more than 62,000 Isaias claims and $652 million in potential insured losses (Florida Realtors). The IRS also pushed tax deadlines falling between Oct. 9, 2026 and Feb. 8, 2027 to Feb. 8, 2027 for those affected (Florida Division of Emergency Management).
- Texas: assigned-risk auto rates rose Nov. 1. New and renewed policies in the Texas Automobile Insurance Plan Association (TAIPA), the state's plan for drivers turned down by at least two insurers, now cost 2.8% more overall for personal vehicles and 4.9% more for commercial vehicles. The Texas Department of Insurance approved the change in June. TAIPA policies only offer the state minimum 30/60/25 liability limits and do not include collision or comprehensive coverage (MarketReview).
- California: insurance commissioner on Tuesday's ballot. Voters choose between two Democrats, state Sen. Ben Allen and Jane Kim. Kim wants a state-run public wildfire insurer; Allen's main plan is broad wildfire mitigation. The two have sparred over what Kim's plan could cost homeowners: a study her brief cites put reinsurance at about $150 to $230 per policy a year, while Allen's campaign says it would add $230 a year to every policy, a reading Kim disputes (CalMatters).
- South Carolina and Missouri: auto premiums eased. In Freeway Insurance's data on policies its customers bought, South Carolina still had the highest average premium, $297.28 a month, but that was down 2.5% from a year earlier. Missouri's average fell 6.4% to $212.85. Freeway notes its figures reflect its own customers, not every driver (Insurance Business).
- Other states. I didn't find major new rate or regulation news over the weekend for Ohio, Mississippi, Alabama, Arkansas, Colorado, or Oklahoma.
My takeaway: If you have a Citizens takeout offer, compare the new company's coverage and premium with Citizens before Thursday, not just the price. In Texas, if you're in the assigned-risk plan, it's worth re-shopping at renewal to see if a regular insurer will now take you. I can compare home and auto quotes from multiple carriers for you.
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.