Mortgage Rates Hold Near 7.2% and a New Housing-Cost Executive Order: What Santa Clarita Homeowners Should Know

The New Executive Order, in Plain English

On October 22, 2026, the President signed an executive order titled "Decreasing Housing Costs for the American People." It directs federal agencies to take several steps that could reduce the day-to-day cost of buying, refinancing, and owning a home:

• Cancel mortgage insurance at 80% loan-to-value: The order asks the Federal Housing Finance Agency (FHFA) to build a pilot that would automatically cancel mortgage insurance once a homeowner reaches 80% equity, instead of requiring borrowers to request it and prove it.
• Cut refinance title-insurance costs: It directs FHFA to make its title-insurance fee-waiver pilot for refinances permanent, saving borrowers money each time they refinance.
• Create a manufactured-housing task force: A new task force will look at ways to expand affordable, factory-built housing, which is often one of the most affordable paths to ownership.
• Simplify credit checks: FHFA is also exploring moving from a three-bureau (tri-merge) credit report requirement to two bureaus for Fannie Mae and Freddie Mac loans, which could streamline the process.

The honest framing matters here: an executive order directs agencies to study and build programs, and most of these changes will take time to reach an actual closing table. This is not an overnight rate cut or a rebate arriving this month. But it is a genuine, verifiable policy direction, and for homeowners who want to understand where their costs are headed, it is worth watching.

Where Mortgage Rates Stand Now

Rates are holding roughly flat as October draws to a close. Freddie Mac's weekly survey, released October 22, put the national 30-year fixed average at 7.32%, down slightly from 7.40% the prior week, with the 15-year averaging 6.68%. As of Monday, October 26, other trackers showed the national 30-year between 7.21% and 7.24%, with California's 30-year fixed around 7.06% to 7.30% depending on the source and methodology.

The Federal Reserve's policy committee meets October 27 and 28, 2026, and markets currently price a high probability that it will hold its benchmark rate steady at 3.75% to 4.00% after September's increase. The 10-year Treasury, which heavily influences mortgage pricing, has been hovering near 5%, and that keeps upward pressure on borrowing costs.

The practical takeaway for buyers is unchanged: plan around the rate you can comfortably afford today, and remember you can often refinance later if rates improve. For sellers, the message is equally simple: pricing and presentation matter more than they have in years, because buyers are comparison shopping carefully.

What This Means for Santa Clarita

Santa Clarita's market is holding steady. Recent trackers put the median sale price near $807,000 over the last three months, with other estimates between $775,000 and $790,000 depending on the methodology and window. The typical home spends about 44 to 46 days on market, averaging around two offers per sale, with inventory near 2.9 to 3.8 months of supply. That is a balanced market, not a struggling one: prices are flat to slightly down from a year ago, and buyers have more choices than they did a few years ago.

A policy shift that lowers mortgage insurance and title costs matters most to the people this market serves best: first-time buyers, downsizers, and veteran families using VA loans. Every dollar saved on the cost of financing is a dollar that can go toward the home itself, or toward breathing room in the monthly budget. Educated decisions create better results.

For Veterans: Your Path Is Still Strong

For veterans and active-duty service members, the calculus is even more favorable. VA loans offer zero down payment, no PMI, competitive rates, and now a tax-deductible funding fee starting in tax year 2026. No change in this executive order touches those core benefits, and the push to streamline credit checks and cut title costs would apply to VA-backed purchases as well. If you have served, your path to ownership may be more accessible than you realize.

The Silver Standard, Applied to Today's Market

Whether you are thinking about buying, selling, or simply understanding what your home is worth, the best decisions come from current, local, personalized data, not a generic online estimate. I prepare a customized market analysis for every property I work with, built on real comparable sales, your home's condition, and your neighborhood's specific demand.

Communication matters, and so does service. My goal is to help you make a confident decision that supports your family's goals, without pressure and without hype. Buy Smart. Sell Smart. Silver Smart. How can I serve you?

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