The Weekly Wrap | Bring a Gift, Get a Coffee, Plus Your Clients' Annual Mortgage Checkup

In the spirit of Veterans Day, Rate and I are teaming up with Reindeer Rucks to give back to military families this holiday season. Here’s how it works: shop for a military family, drop your gift at one of the two Waterbean Coffee locations below, and your coffee is on us. Every gift goes to Fort Bragg.

Wednesday, December 2 · 8:30 to 11:00 AM

If you can help, please do, and bring a friend, a client or your whole office. I’ll personally be at the Pineville location and I’m looking forward to seeing you all. And a friendly reminder: Rate and I don’t charge processing or underwriting fees on VA loans. It’s the smallest way we can give back to those who have given so much.

Speaking of taking care of people, this week’s video is about the yearly checkup most homeowners never think to do on their mortgage. Even a low rate isn’t a set-it-and-forget-it deal, and this week’s market is a good reminder that things can change fast.

We came into the week with momentum. After the midterms handed Democrats both the House and Senate, nervous tech stocks pushed investors into government bonds as a safer spot, and that helps pull mortgage rates down. Even after a strong October jobs report, the 10-year Treasury yield, the number mortgage rates tend to follow, sat around 4.88%. That’s down from about 5.32% in early October.

Then Tuesday’s inflation report, the Consumer Price Index (CPI), came in hotter than expected. Prices rose 0.4% for the month versus 0.3% expected, and “core” inflation, which leaves out food and energy, rose 0.3% for the third month in a row. The 10-year jumped as high as 4.99%, investors now fully expect the Federal Reserve to raise its rate in December, and a Fed official even floated a bigger half-point increase.

That hangover carried into Thursday. The 10-year pushed past 5% to about 5.07%, mortgage bonds fell again, and mortgage rates are under pressure as markets bet on a tougher Fed. Tech had its own drama when NVIDIA’s CEO resigned effective immediately and the stock fell as much as 12% early, but the broader market stayed mixed. For now, inflation worries matter more to bonds than AI headlines. Friday morning’s Producer Price Index (PPI), a read on what businesses pay, is the next checkpoint. It could confirm the move above 5% or give rates a breather. Freddie Mac’s weekly average still dipped to 7.11%, but that survey largely reflects the days before the inflation report. The road to lower rates was never going to be a straight line.

Thursday morning’s housing numbers grabbed the headlines. The National Association of Realtors (NAR) reported that existing-home sales fell 5.5% in October and are down 8.8% from a year ago. That’s a yearly pace of about 3.75 million homes, the slowest since August 2010.

Here’s the part the headlines skip: prices are holding. The median existing-home price is up 0.4% from last year, to about $415,000. Sales are slowing down, but home values aren’t collapsing. Rates, affordability and uncertainty have pushed buyers to step back, but they haven’t disappeared. For buyers who are financially ready, there are opportunities we haven’t seen in a while:

For your sellers, offering closing-cost help or a rate buydown can make a listing stand out from the ones that are just cutting price. For your buyers, this is a real chance to negotiate. Either way, this isn’t a market for pressure. It’s a market to slow down, educate and show clients what’s actually possible.

I’m happy to run financing scenarios for your listings, builder inventory, or buyers sitting on the sidelines. Seeing real numbers instead of rate headlines changes the conversation.

“Fewer homes are selling, but prices are holding. If you’re buying, that means room to negotiate. If you’re selling, offering closing-cost help or a rate buydown can get your home noticed. Either way, let’s look at the real monthly numbers before you decide anything.”

Listing agents: I offer a free buydown matrix for your listings. It’s not for buyers. It’s for you to present to your sellers as an alternative to dropping the price, and it helps your listing stand out. It covers all the buydown types. Want one with my contact details on it? Email me at [email protected] and I’ll send one your way.

A low rate doesn’t mean a homeowner should put their mortgage on autopilot. Once a year, it’s worth a quick look to make sure they’re not overpaying and the loan still fits their life. It’s an easy way to stay in touch with past clients, too. Here’s what to remember:

Hit Watch the video below.

Got a question? Hit reply. Have a past client who hasn’t had their mortgage looked at in a while? Send them my way. Your question might become next week’s video.

Ian Smith · VP of Lending, Rate

(704) 458-0526 · [email protected] · @thecltmortgageguy

Ian Smith, NMLS #1465241 · Equal Housing Lender / © 2026 Guaranteed Rate, Inc. D/B/A Rate · NMLS ID 2611 / Rates shown are national averages, subject to change, and are not a commitment to lend. Educational only; not legal or tax advice. Loan guidelines vary by program and lender, and not all applicants will qualify.