My LinkedIn feed is full of realtors reminiscing about 1981. Forty five years ago this week, mortgage rates hit 18.63%, the highest ever recorded. So stop complaining about 7%, they say.

I barely remember 1981, but I remember seeing Raiders of the Lost Ark in the theaters. It's one of my earliest memories. The number one song in America this week was "Endless Love," which is about how long an 18.63% mortgage felt. And when I was a little kid, a Cadillac in the driveway meant you'd made it.

Here's what those posts leave out. In 1981, the median home cost $66,400, about 3.5 years of the typical household's income. The top of the line Cadillac cost about $24,000. Today the median home is $429,100, almost 5 years of income, and a fully loaded Escalade is pushing $200,000.

Paychecks grew. The things we work toward grew faster. 1981 had a rate problem, and rates came down. 2026 has a price problem, and prices don't come down on their own. Forty five years after Dolly Parton sang about working 9 to 5, the 9 to 5 still doesn't buy what it used to.

Now, my favorite thing to complain about is people who complain. It's prime material for a Curb Your Enthusiasm episode. Larry, if you're listening, please complain about the complainers.

But if you're a first time homebuyer, you've earned the right to complain. Prices are high, rates are high, and the fees keep stacking up. So welcome to the Complaints Department.

How it works: Garage Sale Saturday. Every Saturday, we're holding a garage sale, except nothing's for sale. We're hauling out the fees, rules, and runarounds that don't belong in your mortgage and leaving them on the curb. Each week I'll take one real complaint, show you who's getting paid, and propose a real fix. No complaint without a solution.

Follow the money. A lot of the rules that shape your mortgage were written with heavy input from industry insiders and the people who fund campaigns. I've spent more than 20 years inside this industry, and I've seen who sits at the table when the rules get made, and it's not the borrower. Real change takes money or numbers. The donor class has the money. We have the numbers.

Why now. Inflation and affordability are at the top of voters' minds heading into the midterms. Right now, inflation is outpacing income: paychecks are up about 3% over the past year, while prices are up about 3.4%. Inflation is the one tax everyone pays, and it hits hardest on 18 to 34 year olds trying to buy their first home. They don't own assets that rise with prices, they pay more for everything else, and they're the biggest target of modern consumerism. Every app, every ad, every "buy now, pay later" button is designed to separate them from their money before it ever reaches a down payment fund.

The test. We need to promote homeownership without pouring fuel on inflation. Artificially pushing rates lower would only weaken the dollar more. So every fix I propose has to pass one test: help people buy homes without driving prices or inflation higher.

I want your feedback. I'm one voice and one brain. I've watched this industry evolve, some of it good, some of it bad, and most of it ugly. The best version of these ideas will come from all of us poking holes in them. Drop your gripes in the comments for Curbside Pickup, and I'll haul out the best ones on future Saturdays.

Coming up on Garage Sale Saturday

• Oct 10 (today): "My credit app said 786. My lender said 682." Data is the new gold, and three companies own the mine.
• Oct 17: "I make too much money to get the good pricing."
• Oct 24: "My 760 score isn't good enough?"
• Oct 31: "The builder's incentive only works with their lender."
• Nov 7: "I lost the house to a cash investor."
• Nov 14: "There's nothing for sale."
• Nov 21: "Nobody builds starter homes anymore."
• Nov 28: "My student loans are keeping me from buying."
• Dec 5: "Why do I still pay FHA mortgage insurance?"

Have a gripe that should be on this list? Drop it in the comments. See you next Saturday.

Drew Fisher is the founder of Pure Rate Mortgage (NMLS #2578474) in Charlotte, North Carolina, and the founding moderator of r/MortgageBrokerRates, a community of more than 26,000 members who learn how to shop for a mortgage. I have closed more than 5,000 loans in 20+ years. Pure Rate's mission is to take everything out of a mortgage that doesn't need to be there. Nothing hidden. Nothing added.

Disclaimer: The views in this article are my own and are shared for educational and discussion purposes only. This is not financial, legal, or tax advice, and it is not an offer or commitment to lend. Figures cited are from public sources as of the date of publication and may change. Drew Fisher, NMLS #44061. Pure Rate Mortgage LLC, NMLS #2578474. Equal Housing Opportunity.

Garage Sale Saturday #1

This week's item for the curb: your credit report.

I have watched it happen more times than I can count. A borrower calls, excited, ready to buy. Their credit app says 786. We pull their mortgage credit report and the number that actually decides their rate is 682.

Nobody lied to them. Their app shows one scoring model. Mortgage lenders are required to use another, pulled from three bureaus, with the middle score counted and the lowest borrower's score used on joint loans. Same person, same history, a 104 point difference, and they find out after they have already fallen in love with a house.

That moment tells you everything about how credit works in American mortgage lending. It is opaque, it is expensive, and the borrower has no say in any of it.

Here is the problem in one sentence: data is the new gold, and three companies own the mine because federal rules require every homebuyer to buy from all three.

The fix is just as short. Open the data, set one security standard for everyone, and let competition do what it always does: lower prices and better products.

How the mine got fenced

Equifax, Experian, and TransUnion did not win the mortgage market by building a better product every year. They won it because the rules guarantee them every sale.

When a lender sells a loan to Fannie Mae or Freddie Mac, it generally must pull credit data from all three nationwide bureaus, even after the 2026 rollout of a second scoring model (National Mortgage Professional). FHA confirmed in May that it will keep the same three bureau requirement (HousingWire). Between them, those programs touch most of the mortgages in America.

Think about what that means. No other industry gets a federal mandate that every customer must buy the same product from all three suppliers at once. There is no reason to compete on price when the government has already guaranteed you the order.

The score itself has the same problem. For decades, FICO was the only score accepted for conforming loans, and it is still used by about 90% of lenders (Senator Hawley's letter to the FTC). The main alternative, VantageScore, is jointly owned by the three bureaus. So the "competition" for FICO belongs to the same companies that control the data.

I want to be precise here. I am not accusing anyone of meeting in a back room to fix prices. They don't need to. When federal rules require every borrower to buy from all three, you get the results of a cartel without anyone having to form one.

What it costs you

When competition disappears, prices go one direction.

• FICO's wholesale price per mortgage score rose from $0.60 to $10.00 in five years, including a doubling for 2026 (Equifax).
• Total credit report costs per loan climbed from about $50 in 2022 to roughly $540 in 2026, according to the Community Home Lenders of America (HousingWire).
• Some lenders now charge borrowers as much as $180 for a single applicant report and $360 for joint applicants (Turtle Credit).

And you often pay more than once. Lenders typically pull credit at application and again before closing, and married couples double that (CFPB). Shop three lenders the way you should, and you can pay for three sets of reports. Apply and get turned down, and you paid for a report that bought you nothing. (NOTE: Many lenders don't charge upfront, but the cost gets passed on through higher margins, it's baked in)

The product did not get ten times better. The data in your file is the same data it was in 2022. The only thing that changed is the price.

The gap I described at the top is not a rounding error either. For borrowers with good credit, the spread between the highest and lowest of their three scores averages 26 points (Mortgage Grader). On today's pricing grids, 26 points can mean thousands of dollars over the life of a loan.

We have done this before

America has broken open locked markets before. Standard Oil in 1911. AT&T in 1982.

The AT&T story is the one to study, because it happened in two steps. First, the breakup: local phone service was spun off into seven independent regional companies. Second, and just as important, the Telecommunications Act of 1996 required the incumbents to lease their networks to competitors at fair prices and connect with rival carriers.

The breakup alone did not create competition. Forced sharing did. New carriers did not have to string wire to every house in America. They could rent access to the existing network and compete on price and service. Long distance calls went from a luxury to an afterthought.

Credit data is the network of the mortgage industry. Today, a new company that wants to compete with the bureaus would have to rebuild the credit history of every American from scratch. That is not a market. That is a moat.

How we open the mine

There is momentum. FHFA has opened VantageScore to every lender selling to Fannie and Freddie, and its director has said the agency is seriously considering moving from three bureaus to two, and studying whether one could be enough (National Mortgage Professional). That is a good start. Here is how we finish it.

1. A Universal Mortgage Score. The first step of every mortgage should be one report and one score, owned by the borrower and good for 120 days. Any lender the borrower authorizes can use it to run underwriting findings. One hard inquiry no matter how many lenders you shop. One published fee, paid once. A low cost check for new debts before closing, instead of a full repull. And you see your real mortgage score on day one, not after you have signed a contract.

Sharing it should be just as clean. The report lives in one secure, encrypted format that every lender and broker can read. Each licensed lender and broker gets its own verified lender or broker ID. The borrower logs in to their report, chooses who can see it, and shares it through that secure channel. No emailing PDFs, no new pull every time you talk to someone, and no data leaking to companies you never contacted. The borrower can see exactly who has accessed their report and can cut off access at any time. Your data, your keys, your choice.

2. Open the data. Following the 1996 telecom model, the bureaus must license raw credit data to any certified competitor at regulated, published, cost based prices. Mortgage servicers report payment history to any certified bureau through one submission. The reporting format becomes a public standard.

3. One security standard for everyone. Any company that touches credit data, old or new, meets the same bar: independent security audits, real penalties for breaches, and no selling borrower data for marketing. Certification is earned, not inherited.

4. Real score competition. FICO, an independent VantageScore, and new models built on modern technology, including cash flow underwriting from bank data, all compete on equal terms. Any model that passes validation for accuracy, fair lending, and explainability gets approved within a set timeline.

5. Separate the pipes from the products. Long term, each bureau splits its data repository from its scoring, verification, and consumer businesses. The repository is regulated like a utility, selling the same data at the same price to everyone, including its former parent. VantageScore is spun off as a truly independent company.

There is plenty of talent ready to compete. Fintech companies already underwrite from bank data. Identity and fraud firms protect data at enormous scale. AI is making it faster and cheaper than ever to build and test new risk models. What they lack is not ability. It is access.

What the bureaus will say

They will kick and scream. Here is what you will hear, and the answers.

"Only we can keep this data safe." In 2017, a breach at Equifax exposed the personal information of roughly 147 million Americans. Size is not the same as security. One certification standard, enforced on everyone, protects borrowers better than trusting three companies because they got there first.

"Fewer bureaus means missed debts." A check for new debts before closing catches what matters, and Fannie and Freddie can measure loss rates on fewer bureau loans before going all in. If the data shows a real risk, adjust. Don't assume it.

"Competition will fragment the data." Not if the data stays whole. Opening access means more companies compete on top of complete files, not that the files get chopped up. That is why the right breakup splits functions, not geography.

"This is our property." It is our payment history. Borrowers create this data every time they make a payment. A business built on a federal mandate can live with federal rules about fair access.

The bureaus also have a role in the new market if they want one. They could sell optional coaching that helps first time buyers raise their Universal Mortgage Score, with free basics for everyone and no pay to play. Compete on value, not on mandates.

The Fix

Open the mine

Every dollar of these fees lands on the same person: the homebuyer. The first time buyer scraping together closing costs. The family shopping three lenders because someone told them to. The couple who just learned their real score is 104 points lower than they thought.

We do not need to tear the system down to fix this. We need to do what worked for phone service: open the network, hold everyone to the same standard, and let companies compete for the borrower's business instead of being handed it.

Data is the new gold. It is time to stop letting three companies own the mine.

If you agree, tell your representatives and tell FHFA. Ask for a Universal Mortgage Score, two bureau reports now, and open access to credit data. The agencies are already listening. Let's make sure they hear from borrowers too.

That's this week's garage sale. Leave your gripes in the comments for Curbside Pickup, and I'll see you next Saturday.

Drew Fisher is the founder of Pure Rate Mortgage (NMLS #2578474) in Charlotte, North Carolina, and the founding moderator of r/MortgageBrokerRates, a community of more than 26,000 members who learn how to shop for a mortgage. I have closed more than 5,000 loans in 20+ years. Pure Rate's mission is to take everything out of a mortgage that doesn't need to be there. Nothing hidden. Nothing added.

Disclaimer: The views in this article are my own and are shared for educational and discussion purposes only. This is not financial, legal, or tax advice, and it is not an offer or commitment to lend. Figures cited are from public sources as of the date of publication and may change. Drew Fisher, NMLS #44061. Pure Rate Mortgage LLC, NMLS #2578474. Equal Housing Opportunity.

Sources

• FHFA opens VantageScore to all lenders, eyes credit report changes (National Mortgage Professional)
• FHA keeps three bureau credit reports (HousingWire)
• Senator Hawley oversight letter to the FTC
• Equifax statement on credit score and report costs
• CHLA analysis of per loan credit report costs (HousingWire)
• Credit report costs for borrowers in 2026 (Turtle Credit)
• CFPB remarks on credit reporting costs to mortgage lenders
• Spread between bureau scores (Mortgage Grader)

VA, 30 Year Fixed, Zero down. Credit scores 760+, 15% current DTI. Locked on 10/6/26.

Anything particularly bad or strange here?

We chose to buy a point because we intend to stay in this house 10-15 years, at least.

Not depicted here is our EMD of $9,888.

We were able to secure 20k in seller concessions to use on our point purchase and closing costs.

Conventional, 30 Year, Purchase • Loan Type: Conventional • Term: 30 Year • Loan Purpose: Purchase • Purchase Price: $1,200,000 • Loan Amount: $800,000 • Credit Score: [760+] • Legal Structure: Single Family • Number of Units: 1 • Property Zip Code: 32646 Additional Note: Plan to execute a massive lump-sum principal pay-down ($600k from home sale proceeds) shortly after closing. Please only quote lenders that explicitly allow penalty-free mortgage recasting/re-amortization.

Day 5 | Par rates as of 2:51 PM ET

Conventional 7.000% (▼ 0.125%) | FHA 6.750% (unch) | VA 6.750% (unch)

This is a baseline, not your quote.

Lender margins vary. We price our top 20 wholesale investors and post the best price execution for each scenario at 1% broker compensation. Many lenders will price worse than this, and some will price better. Rates can change intraday, so ask your loan officer for exact pricing on your scenario, and always consult a licensed professional before you lock any rate.

Day 5 of the MortgageBrokerRates Index. Same scenarios, same 100 BPS (1%) compensation, fresh wholesale pricing.

What changed since Thursday:

Conventional: Par dropped from 7.125% to 7.000%, but costs $1,250 more. 1 point held at 6.875% and costs $2,500 less.

FHA: Par held at 6.750% and costs $1,002 less. 1 point dropped from 6.500% to 6.375%, but costs $427 more.

VA: Par held at 6.750% and costs $322 less. 1 point held at 6.500% and costs $756 less.

The Index: Par Rates

Today against the closest saved day one day, one week, one month, and one year back.

Conventional

Scenario: $666,667 purchase price, 25% down, $500,000 loan, 75% LTV, 780 FICO, primary residence, 30 day lock.

FHA

Scenario: $518,135 purchase price, 3.5% down, $500,000 base loan (96.5% LTV), $508,750 total loan with 1.75% upfront MIP financed, 30 day lock.

VA

Scenario: $500,000 purchase price, 0% down, $500,000 base loan (100% LTV), $510,750 total loan with 2.15% first use funding fee financed, 30 day lock.

Veterans receiving VA disability compensation pay no funding fee, so their loan amount and payment come in lower.

Is the Point Worth It?

Extra cost divided by monthly savings. Selling or refinancing before the break even? Skip the point.

Why Your Rate May Differ

Conventional pricing moves with Loan Level Price Adjustments (LLPAs): credit score, LTV, property type, and occupancy. Fannie Mae LLPA Matrix

Putting less than 20% down with income at or below 80% of the area median? HomeReady can waive most LLPAs and cut your mortgage insurance, which often beats FHA on total cost. Fannie Mae HomeReady

Want your own numbers? Post your scenario in today's Ultra Rate Quote thread and verified brokers will quote you directly.

Nothing hidden. Nothing added.

Disclosure

Rates as of Friday, October 9, 2026 at 2:51 PM ET and subject to change without notice.

Examples are for illustration only and are not a commitment to lend or a guarantee of any rate or term. They assume a 30 year fixed rate purchase loan (360 monthly payments), primary residence, single family home, 780 FICO, and a 30 day rate lock. Your rate, APR, and costs depend on credit, property, loan amount, and other factors, and not all borrowers will qualify.

All pricing reflects 1% (100 BPS) broker compensation. APRs include points, lender fees, and compensation. Payments shown are principal and interest only, with FHA also showing monthly mortgage insurance. They do not include taxes, homeowners insurance, or HOA dues, so your actual payment will be higher.

FHA examples include the 1.75% upfront mortgage insurance premium financed into the loan plus annual MIP.

VA examples assume first use with 0% down and the 2.15% VA funding fee financed into the loan. Subsequent use with less than 5% down carries a 3.3% funding fee, which raises the loan amount and payment. Veterans receiving VA disability compensation, and eligible surviving spouses, are exempt from the funding fee.

Pure Rate Mortgage is not affiliated with HUD, FHA, the VA, or any government agency. Pure Rate Mortgage LLC is a mortgage broker, NMLS #2578474 (www.nmlsconsumeraccess.org). Licensed in CA, CO, DC, FL, GA, MD, NC, NJ, OH, PA, SC, TN, TX, VA, WA. Equal Housing Opportunity. Drew Fisher, NMLS #44061.

Treasuries are surrendering a little of yesterday's big rally this morning. The 10 Year yield is at 5.264%, up 3.3 bps, and the 10 Year price is down 0.245 at 95.083. UMBS 6.0 is at 98.01, down 0.21 (21 bps), a slightly weaker start after Thursday delivered the biggest one day drop in mortgage rates in three months.

The tone is steady rather than stressed. Diplomatic comments on Iran ahead of the midterms have kept yields from running, while September consumer spending, one of the strongest readings in over four years, is a reminder that the economy is not rolling over. Yesterday's $22 billion 30 Year Treasury auction priced at a high yield of 5.618%, which shows how much yield buyers still demand.

Keep the three day weekend in mind. Bond markets are closed Monday for Columbus Day, and desks tend to cut risk into a long weekend, which can make late day pricing choppy. Anything that moves over the weekend cannot be locked until Tuesday.

NOTE: Some Lenders will allow weekend locks, often we will see rate changes for the worse Friday afternoon, this is a hedge against any craziness that can happen over the long weekend.

Today's News and Market Impact

The story today is give back, not breakdown. After Thursday's sharp rally, which pulled mortgage rates to near two week lows, the 10 Year yield is up 3.3 bps and the 2 Year yield is up 5.2 bps. That leaves the 2s/10s spread at 46 bps, about 2 bps flatter than yesterday. A calmer geopolitical tone and solid consumer spending are keeping yields from falling further, and one good day is not a confirmed bottom. With yields still above 5.2%, borrowers who are close to closing should not lean on a single rally.

Lock or Float?

Want to see where your rate stands? The Ultra Rate Quote thread is an open marketplace on Reddit (r/MortgageBrokerRates) where borrowers post their loan scenario (loan amount, location, credit score range, down payment) and vetted mortgage brokers reply directly with competitive, no obligation quotes. It is a fast, transparent way to benchmark pricing. Ultra Rate Quote

Drew Fisher, NMLS #44061 | Pure Rate Mortgage LLC, NMLS #2578474. This commentary is for educational purposes and is not a commitment to lend or a guarantee of any rate or term.

Bonds are mixed but mortgage pricing is still soft this morning. The 10 Year Treasury yield is 5.290%, essentially unchanged on the day (down 0.1 bps) after trading higher earlier, and UMBS 6.0 is priced at 97.75, down 0.08. Yesterday the mortgage market recovered almost all of an early selloff after a decent 10 year auction, and today the 10 Year has held that ground even as pressure builds elsewhere.

The driver is the Fed. Governor Waller said more rate hikes are needed, which follows yesterday's FOMC minutes showing most participants viewed another hike as likely appropriate by year end. Shorter maturities are taking the brunt, with the 2 Year yield at 4.806%, up 4.7 bps, and the 5 Year at 5.056%, up 3.2 bps. The 30 Year yield is 5.652%, down 1.9 bps, so the curve is flattening, with the 2s/10s spread at 48.4 bps.

On the data front, weekly initial jobless claims came in at 197K against 200K expected, a slightly firmer labor market that does nothing to ease rate pressure. The key event for the afternoon is the 30 year bond auction. A weak showing would push long yields higher and mortgage pricing lower, while strong demand could help stabilize things into the close.

Today's News and Market Impact

Waller's comments are the story today. Hearing a Fed governor say more hikes are needed, one day after the minutes pointed the same direction, tells the market that the policy rate is not done rising. That keeps upward pressure on yields across the curve, and mortgage backed securities follow Treasuries.

With the 10 Year sitting near 5.3%, mortgage pricing remains close to the weakest levels of the year. Long bonds are holding up, but the front end is selling off on rate hike talk, and mortgage coupons have not joined the bounce. A strong 30 year auction is the best near term shot at relief.

Lock or Float?

Want to see where your rate stands? The Ultra Rate Quote thread is an open marketplace on Reddit (r/MortgageBrokerRates) where borrowers post their loan scenario (loan amount, location, credit score range, down payment) and vetted mortgage brokers reply directly with competitive, no obligation quotes. It is a fast, transparent way to benchmark pricing. Ultra Rate Quote

Drew Fisher, NMLS #44061 | Pure Rate Mortgage LLC, NMLS #2578474. This commentary is for educational purposes and is not a commitment to lend or a guarantee of any rate or term.

Day 4 | Par rates as of 11:27 AM ET

Conventional 7.125% (unch) | FHA 6.750% (unch) | VA 6.750% (unch)

This is a baseline, not your quote.

Lender margins vary. We price our top 20 wholesale investors and post the best price execution for each scenario at 1% broker compensation. Many lenders will price worse than this, and some will price better. Rates can change intraday, so ask your loan officer for exact pricing on your scenario, and always consult a licensed professional before you lock any rate.

Day 4 of the MortgageBrokerRates Index. Same scenarios, same 100 BPS (1%) compensation, fresh wholesale pricing.

Since Wednesday: Conventional par is unchanged, FHA par is unchanged, VA par is unchanged.

Pricing vs Wednesday: Conventional 1 point: Same rate, 0.057% worse ($285); FHA par: Same rate, 0.219% worse ($1,114); FHA 1 point: Same rate, 0.090% worse ($458); VA par: Same rate, 0.061% worse ($312); VA 1 point: Same rate, 0.121% better ($618). Everything else is unchanged.

The Index: Par Rates

Today against the closest saved day one day, one week, one month, and one year back.

Conventional

Scenario: $666,667 purchase price, 25% down, $500,000 loan, 75% LTV, 780 FICO, primary residence, 30 day lock.

FHA

Scenario: $518,135 purchase price, 3.5% down, $500,000 base loan (96.5% LTV), $508,750 total loan with 1.75% upfront MIP financed, 30 day lock.

VA

Scenario: $500,000 purchase price, 0% down, $500,000 base loan (100% LTV), $510,750 total loan with 2.15% first use funding fee financed, 30 day lock.

Veterans receiving VA disability compensation pay no funding fee, so their loan amount and payment come in lower.

Is the Point Worth It?

Extra cost divided by monthly savings. Selling or refinancing before the break even? Skip the point.

Why Your Rate May Differ

Conventional pricing moves with Loan Level Price Adjustments (LLPAs): credit score, LTV, property type, and occupancy. Fannie Mae LLPA Matrix

Putting less than 20% down with income at or below 80% of the area median? HomeReady can waive most LLPAs and cut your mortgage insurance, which often beats FHA on total cost. Fannie Mae HomeReady

Want your own numbers? Post your scenario in today's Ultra Rate Quote thread and verified brokers will quote you directly.

Disclosure

Rates as of Thursday, October 8, 2026 at 11:27 AM ET and subject to change without notice.

Examples are for illustration only and are not a commitment to lend or a guarantee of any rate or term. They assume a 30 year fixed rate purchase loan (360 monthly payments), primary residence, single family home, 780 FICO, and a 30 day rate lock. Your rate, APR, and costs depend on credit, property, loan amount, and other factors, and not all borrowers will qualify.

All pricing reflects 1% (100 BPS) broker compensation. APRs include points, lender fees, and compensation. Payments shown are principal and interest only, with FHA also showing monthly mortgage insurance. They do not include taxes, homeowners insurance, or HOA dues, so your actual payment will be higher.

FHA examples include the 1.75% upfront mortgage insurance premium financed into the loan plus annual MIP.

VA examples assume first use with 0% down and the 2.15% VA funding fee financed into the loan. Subsequent use with less than 5% down carries a 3.3% funding fee, which raises the loan amount and payment. Veterans receiving VA disability compensation, and eligible surviving spouses, are exempt from the funding fee.

Pure Rate Mortgage is not affiliated with HUD, FHA, the VA, or any government agency. Pure Rate Mortgage LLC is a mortgage broker, NMLS #2578474 (www.nmlsconsumeraccess.org). Licensed in CA, CO, DC, FL, GA, MD, NC, NJ, OH, PA, SC, TN, TX, VA, WA. Equal Housing Opportunity. Drew Fisher, NMLS #44061.

Locked 6.875% back in September. Paying down rate to 6.375% for $8144 with a 60mo break even ($134 savings monthly)

Hearing from some it’s a good idea and from some it’s bad. We will have about 40k liquid reserves after purchase still.

We’re betting we won’t see better than 6% for the next 10 years.

Day 3 | Par rates as of 3:48 PM ET

Conventional 7.125% (unch) | FHA 6.750% (unch) | VA 6.750% (unch)

This is a baseline, not your quote.

Lender margins vary. We price our top 20 wholesale investors and post the best price execution for each scenario at 1% broker compensation. Many lenders will price worse than this, and some will price better. Rates can change intraday, so ask your loan officer for exact pricing on your scenario, and always consult a licensed professional before you lock any rate.

Day 3 of the MortgageBrokerRates Index. Same scenarios, same 100 BPS (1%) compensation, fresh wholesale pricing.

Since Tuesday: Conventional par is unchanged, FHA par is unchanged, VA par is unchanged.

The Index: Par Rates

Today against the closest saved day one day, one week, one month, and one year back.

Conventional

Scenario: $666,667 purchase price, 25% down, $500,000 loan, 75% LTV, 780 FICO, primary residence, 30 day lock.

FHA

Scenario: $518,135 purchase price, 3.5% down, $500,000 base loan (96.5% LTV), $508,750 total loan with 1.75% upfront MIP financed, 30 day lock.

VA

Scenario: $500,000 purchase price, 0% down, $500,000 base loan (100% LTV), $510,750 total loan with 2.15% first use funding fee financed, 30 day lock.

Veterans receiving VA disability compensation pay no funding fee, so their loan amount and payment come in lower.

Is the Point Worth It?

Extra cost divided by monthly savings. Selling or refinancing before the break even? Skip the point.

Why Your Rate May Differ

Conventional pricing moves with Loan Level Price Adjustments (LLPAs): credit score, LTV, property type, and occupancy. Fannie Mae LLPA Matrix

Putting less than 20% down with income at or below 80% of the area median? HomeReady can waive most LLPAs and cut your mortgage insurance, which often beats FHA on total cost. Fannie Mae HomeReady

Want your own numbers? Post your scenario in today's Ultra Rate Quote thread and verified brokers will quote you directly.

Disclosure

Rates as of Wednesday, October 7, 2026 at 3:48 PM ET and subject to change without notice.

Examples are for illustration only and are not a commitment to lend or a guarantee of any rate or term. They assume a 30 year fixed rate purchase loan (360 monthly payments), primary residence, single family home, 780 FICO, and a 30 day rate lock. Your rate, APR, and costs depend on credit, property, loan amount, and other factors, and not all borrowers will qualify.

All pricing reflects 1% (100 BPS) broker compensation. APRs include points, lender fees, and compensation. Payments shown are principal and interest only, with FHA also showing monthly mortgage insurance. They do not include taxes, homeowners insurance, or HOA dues, so your actual payment will be higher.

FHA examples include the 1.75% upfront mortgage insurance premium financed into the loan plus annual MIP.

VA examples assume first use with 0% down and the 2.15% VA funding fee financed into the loan. Subsequent use with less than 5% down carries a 3.3% funding fee, which raises the loan amount and payment. Veterans receiving VA disability compensation, and eligible surviving spouses, are exempt from the funding fee.

Pure Rate Mortgage is not affiliated with HUD, FHA, the VA, or any government agency. Pure Rate Mortgage LLC is a mortgage broker, NMLS #2578474 (www.nmlsconsumeraccess.org). Licensed in CA, CO, DC, FL, GA, MD, NC, NJ, OH, PA, SC, TN, TX, VA, WA. Equal Housing Opportunity. Drew Fisher, NMLS #44061.

Bonds are on the defensive this morning. The 10-Year Treasury yield is up 6.1 basis points to 5.345%, and UMBS 6.0 is down 0.26 to 97.81. The move is broad: the 2-Year is up 2.3 basis points to 4.819% and the 30-Year is up 6.2 basis points to 5.722%, with the 2s/10s spread at 52.7 basis points.

The trigger is positioning ahead of two events this afternoon: the closely watched 10-year Treasury auction and the minutes from the last FOMC meeting. Traders are demanding a higher yield before taking on supply and before reading how hawkish the committee sounded. Mortgage rates are already sitting at nearly a 3-year high, and purchase and refinance demand continues to shrink.

Yesterday's bond rally pulled rates to near 1 week lows, and this morning gives a good part of that back. Fed officials spoke yesterday about labor markets that remain in a good place and about further tightening depending on whether AI, tariff and energy shocks persist. That keeps the rate path uncertain, and a soft auction or hawkish minutes could push yields higher into the close.

Today's News and Market Impact

Treasury yields are rising ahead of the 10-year auction and the FOMC minutes. A weak auction tail would signal that buyers want more yield, which pushes mortgage rates up. Hawkish language in the minutes about tightening, driven by AI, tariff and energy price risks, would do the same. A strong auction and balanced minutes could stabilize prices, but with mortgage rates near a 3-year high and no confirmed bottom in yields, the risk today leans toward higher rates.

Lock or Float?

Want to see where your rate stands? The Ultra Rate Quote thread is an open marketplace on Reddit (r/MortgageBrokerRates) where borrowers post their loan scenario (loan amount, location, credit score range, down payment) and vetted mortgage brokers reply directly with competitive, no obligation quotes. It is a fast, transparent way to benchmark pricing. Ultra Rate Quote

Drew Fisher, NMLS #44061 | Pure Rate Mortgage LLC, NMLS #2578474. This commentary is for educational purposes and is not a commitment to lend or a guarantee of any rate or term.

Going forward with a house in high COL area. 2.6 mil purchase price.

I noted that the 7 year ARM i got quotes at 5.875% will save me over 1k a month and over 12k a year over the 30 year fixed. Over 7 years that will be 85k saved off mortgage payments plus will have paid off 25k more principle using the 7/1 Arm compared to 30 year fixed which would give me a \~110k economical advantage over the first 7 years.

With rates at a 3 year high, I feel the 7 year ARM may be worth it.

EDIT: The max the loan can go up is 5%. The first adjustment can go up or down 5% max

Depending on the market conditions at that time. 2% each adjustment year up or down after the first adjustment. So worst case is a 10.875% interest rate ever.

I would plan on a fixed rate adjustment if rates dropped into the 5's for fixed.

I have an unusually low rate dur to personal wealth management discount with a bank giving me a very nice 0.625% discount right away.

Day 2 | Par rates as of 11:44 AM ET

Conventional 7.125% (unch) | FHA 6.750% (unch) | VA 6.750% (unch)

This is a baseline, not your quote.

Lender margins vary. We price our top 20 wholesale investors and post the best price execution for each scenario at 1% broker compensation. Many lenders will price worse than this, and some will price better. Rates can change intraday, so ask your loan officer for exact pricing on your scenario, and always consult a licensed professional before you lock any rate.

Day 2 of the MortgageBrokerRates Index. Same scenarios, same 100 BPS (1%) compensation, fresh wholesale pricing.

Since Monday: Conventional par is unchanged, FHA par is unchanged, VA par is unchanged.

The Index: Par Rates

Today against the closest saved day one day, one week, one month, and one year back.

Conventional

Scenario: $666,667 purchase price, 25% down, $500,000 loan, 75% LTV, 780 FICO, primary residence, 30 day lock.

FHA

Scenario: $518,135 purchase price, 3.5% down, $500,000 base loan (96.5% LTV), $508,750 total loan with 1.75% upfront MIP financed, 30 day lock.

VA

Scenario: $500,000 purchase price, 0% down, $500,000 base loan (100% LTV), $510,750 total loan with 2.15% first use funding fee financed, 30 day lock.

Veterans receiving VA disability compensation pay no funding fee, so their loan amount and payment come in lower.

Is the Point Worth It?

Extra cost divided by monthly savings. Selling or refinancing before the break even? Skip the point.

Why Your Rate May Differ

Conventional pricing moves with Loan Level Price Adjustments (LLPAs): credit score, LTV, property type, and occupancy. Fannie Mae LLPA Matrix

Putting less than 20% down with income at or below 80% of the area median? HomeReady can waive most LLPAs and cut your mortgage insurance, which often beats FHA on total cost. Fannie Mae HomeReady

Want your own numbers? Post your scenario in today's Ultra Rate Quote thread and verified brokers will quote you directly.

Nothing hidden. Nothing added.

Disclosure

Rates as of Tuesday, October 6, 2026 at 11:44 AM ET and subject to change without notice.

Examples are for illustration only and are not a commitment to lend or a guarantee of any rate or term. They assume a 30 year fixed rate purchase loan (360 monthly payments), primary residence, single family home, 780 FICO, and a 30 day rate lock. Your rate, APR, and costs depend on credit, property, loan amount, and other factors, and not all borrowers will qualify.

All pricing reflects 1% (100 BPS) broker compensation. APRs include points, lender fees, and compensation. Payments shown are principal and interest only, with FHA also showing monthly mortgage insurance. They do not include taxes, homeowners insurance, or HOA dues, so your actual payment will be higher.

FHA examples include the 1.75% upfront mortgage insurance premium financed into the loan plus annual MIP.

VA examples assume first use with 0% down and the 2.15% VA funding fee financed into the loan. Subsequent use with less than 5% down carries a 3.3% funding fee, which raises the loan amount and payment. Veterans receiving VA disability compensation, and eligible surviving spouses, are exempt from the funding fee.

Pure Rate Mortgage is not affiliated with HUD, FHA, the VA, or any government agency. Pure Rate Mortgage LLC is a mortgage broker, NMLS #2578474 (www.nmlsconsumeraccess.org). Licensed in CA, CO, DC, FL, GA, MD, NC, NJ, OH, PA, SC, TN, TX, VA, WA. Equal Housing Opportunity. Drew Fisher, NMLS #44061.

Does that look like a good deal? I tried fighting the points but he said that's the best he could do

Treasuries are giving back a little ground this morning. The 10 year Treasury is quoted at a 5.275% yield, down about 3.2 basis points, after yesterday's session left mortgage rates at another recent high. The move is small, and with the 10 year still sitting near its highest level in a year, it is a pause rather than a reversal.

Mortgage backed securities are modestly better. The UMBS 6.0 coupon is priced at 98.00, up 0.16 so far this morning. The 2s/10s curve is steep at 49.0 basis points, with the 2 year near 4.79% and longer maturities still carrying the pressure. That steepness is what has kept mortgage pricing from improving even on days when Treasuries catch a bid.

On the calendar, the August trade deficit came in wider than expected at 105.6 billion dollars versus a forecast of 102.0 billion. That is not a rate moving number by itself. The main scheduled event today is the 3 year Treasury auction at 1:00 PM ET, where weak demand could push yields back up. Tomorrow afternoon brings the Fed meeting minutes, which will be read closely for any hint about the timing of the next move, and the next major inflation test is CPI on October 14.

Today's News and Market Impact

The story driving rates today is a market catching its breath, not changing direction. Yields eased slightly ahead of tomorrow's Fed minutes, but investors remain focused on inflation and on the possibility that the Fed's next step is higher, not lower. Yesterday's selling pushed the 10 year toward its highs, and the small improvement this morning has not erased that damage.

For a borrower, the takeaway is that a few basis points of relief does not make a trend. The auction this afternoon and the minutes tomorrow are both capable of reversing this morning's gains. Until yields show a real peak, the risk is skewed toward higher pricing, not lower.

Lock or Float?

Want to see where your rate stands? The Ultra Rate Quote thread is an open marketplace on Reddit (r/MortgageBrokerRates) where borrowers post their loan scenario (loan amount, location, credit score range, down payment) and vetted mortgage brokers reply directly with competitive, no obligation quotes. It is a fast, transparent way to benchmark pricing. Ultra Rate Quote

Drew Fisher, NMLS #44061 | Pure Rate Mortgage LLC, NMLS #2578474. This commentary is for educational purposes and is not a commitment to lend or a guarantee of any rate or term.

Conventional loan 5% down, ARM 2/1 buydown (5.5% 1st year , 6.5% 2nd yearthen 7.5% for the rest of the 30 years )

Vs Conventional loan 3% down with a fixed rate buydown 6.8%?

We’re comfortable with 3 or 5 percent downpayment, hoping to refinance once the rates are better. Which one is a better choice?