The Federal Reserve held rates steady on Wednesday, and interest rates are not expected to decline anytime soon.
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Pending home sales, which track signed contracts for existing homes, fell 7.3% from August and 11.3% from a year earlier in September, according to the National Association of Realtors. Mortgage rates climbed from about 6.8% at the start of September to 7.6% by month-end, and Freddie Mac's average 30-year rate reached 7.40% in the week ending October 8, its highest since November 2023. The median existing-home price hit $417,500, up 1.3% year on year, while 20.8% of listings had a price cut, the highest share for any month since October 2022. The NAHB's October builder sentiment index fell to its lowest reading in 14 years. With the November 3 midterms approaching, affordability has become a central issue for voters.
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The Fed kept rates unchanged at its October meeting, though rising energy costs tied to the war with Iran threaten to keep inflation elevated, and a December hike is being considered. Moody's Analytics chief economist Mark Zandi estimated the war has cost the average U.S. household about $2,000 so far, mostly through higher energy costs. Credit card rates have risen for three straight months to their highest since December 2025, according to LendingTree. Thirty-year fixed mortgage rates have stayed above 7% for over a month, tracking long-term Treasury yields. Edmunds analyst Joseph Yoon said the new-car APR has flatlined around 7% and used-car rates remain above 10%, with year-end dealer offers likely to bring only temporary relief.
- VIB cuts lending rates to support businesses and individual customers
VIB is cutting deposit and lending rates to support businesses and individual customers, in line with directives from the government and the State Bank. It has lowered deposit rates by up to 0.5 percentage points a year, mainly for terms over 6 months, and launched a VND 15,000 billion credit package for priority-sector businesses, with rates up to 1.5% a year lower subject to program conditions. For home loans, VIB offers fixed rates for up to 5 years and an extra 1% per year reduction for loans fixed for 12 or 24 months in certain areas. Car loans carry a fixed rate of 12.5% a year for the first 24 months, then capped at 15% a year, with a total quota of VND 5,000 billion.
- Servicer hit with $500K penalty over ignored 6 % VA loan rate cap
Mortgage servicer Village Capital & Investment LLC will pay more than 500,000 dollars to settle Department of Justice claims that it misapplied the SCRA's 6% interest rate cap and retaliated against active-duty borrowers, without admitting liability. The DOJ alleges that from March 1, 2020, until the settlement took effect, the company refused to cut rates to 6% on at least 41 servicemembers' mortgages, did not make reductions retroactive or lower monthly payments, and falsely reported some borrowers as delinquent to the Department of Veterans Affairs. It also allegedly misstated interest rates in form letters and used SCRA requests to accelerate principal payments. Under the agreement, the company must pay at least 425,000 dollars in compensation, a civil penalty of 79,380 dollars (the maximum for a first violation), and submit revised SCRA policies within 30 days.
- As borrowing costs spike , Jamie Dimon asks corporate America : Are you prepared ? You should ask yourself the same thing
JPMorgan Chase CEO Jamie Dimon warned in a Bloomberg interview that rising borrowing costs could leave many companies unprepared when they refinance or borrow, as higher credit spreads raise their costs. He said tech firms borrowing heavily in 2026 to build AI data center infrastructure are competing with the U.S. Treasury for funds, pushing rates higher. JPMorgan strategists reported that deeply distressed loans rose 62.5%, from $40 billion in 2025 to $65 billion in the third quarter of 2026, the highest since March 2020, though this does not mean all those companies will default. Higher rates also reach households, with 30-year fixed mortgages averaging 7.40% as of October 8, 2026, according to Freddie Mac.
- Home equity loan and HELOC rates : Oct . 15 , 2026
The article reports national average home equity loan and HELOC rates from Mortgage Research Center as of Oct. 14, based on a $350,000 loan at an 80% loan-to-value ratio and FICO scores of 620 or higher. A home equity loan pays a single lump sum repaid in fixed monthly installments over up to 30 years, while a HELOC is a revolving credit line that can be drawn and repaid during a draw period of up to 10 years before entering repayment. Both usually carry lower rates than unsecured personal loans and allow far larger amounts than the roughly $100,000 cap commonly applied to personal loans. The main risk is that missed payments could lead to losing your home, and fees typically total 2% to 5% of the loan amount. Borrowers generally need 15% to 20% equity in their home, depending on the lender, and actual rates depend on credit profile, debt-to-income ratio and property type.
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