Welcome to my November newsletter, with a look at yesterday’s October jobs report, this week’s data on job openings, stock market swings, and why falling oil prices matter for mortgage rates.
Mortgage Rates November 2026
Mortgage rates are still elevated but edged down this week. The national 30-year fixed-rate mortgage averaged 7.2% according to Freddie Mac, compared with 6.2% a year ago. The 10-year Treasury yield, which mortgage rates tend to follow, has pulled back to about 4.9% from above 5% in early October, and mortgage rates usually follow yields lower with a lag. See our featured rates below for the lowest local pricing.
Stocks have been choppy this week, with a sharp sell-off midweek and a rebound yesterday. When investors move money out of stocks and into Treasury bonds, yields tend to fall, which is one reason the 10-year sits near a two-month low. Swings like this can make buyers hesitate, but a clear financing plan matters more than the daily headlines
Yesterday the Bureau of Labor Statistics (BLS) released the October Jobs Report. The economy added 165,000 jobs, the unemployment rate was 4.1%, and average hourly earnings rose 3.1% year-over-year. Job gains for August and September were revised up by a combined 84,000, and September moved from 29,000 to 60,000. This week the BLS also reported 7.5 million job openings in September, so employers are still hiring. A steady labor market supports buyers and sellers, but it gives the Fed little reason to cut rates anytime soon.
The biggest move this week came from oil. Prices fell about 13% to around $90 a barrel, the steepest weekly drop since April, on hopes for a diplomatic deal in the Middle East. In my view, the clearest path back to Fed rate cuts runs through oil. Energy costs have been a major driver of inflation, and if oil returns to the $70 to $75 range, the Fed gets room to act because of potentially lower inflationary expectations. We are not there yet, but this week moved in the right direction.
Featured rates this week:
• 5.75% on 7/6 YR ARMs, 80% LTV financing up to $3M
• 6% on 10/6 YR ARMs, 80% LTV financing up to $3M
• 90% LTV financing up to $2M is also available, contact me for more details
• Physician loans are available up to 90% LTV to $3M
• Bank-statement loans for self-employed borrowers remain in the high 6% to low 7% range depending on credit score and loan-to-value
• Please contact me for our private banking relationship’s discounts
Los Angeles Housing: A Market Waiting on Certainty
According to Realtor.com, the October median list price in Los Angeles was $1,102,500, down 11.6% year-over-year. The median sold price was $1,025,000, down 2.4% year-over-year. Active listings were essentially flat at 12,050, up 0.1% from a year ago, and median days on market was 59, up 1.7%. Asking prices have fallen much more than sold prices, which suggests sellers are adjusting to what buyers will pay.
A slower market is where buyers hold the most leverage. Once you close, the price is locked in, and a rate can be refinanced later. That negotiating strength tends to fade as rates fall and competition returns. Los Angeles has little land left to build on and a stable economy, which is why long-term ownership keeps paying off here.
More Los Angeles buyers and sellers are turning to AI to estimate home values, choose an agent, and even read contracts. It is an outstanding tool for learning the basics, but the pitfalls are real. Answers can change from one run to the next, the sources are often hidden, and AI cannot see a home’s condition the way a local professional can. The same caution applies to finding a lender, as our guide on using ChatGPT to find a mortgage broker explains. Use AI to get prepared, then confirm the details with a licensed professional.
Recently Closed Loans
Home Purchase | Santa Monica | $5M
75% LTV financing
30 YR fixed rate
Bank statement/Non-QM loan
No tax returns
7.25% interest rate | 7.37% APR
We structured the loan using a non-related co-borrower’s assets and bank statements. No qualifying income from the primary borrower was required.
Home Purchase | Santa Monica | $6.1M
80% LTV financing
7/1 interest-only ARM
5.78% interest rate | 5.995% APR
We secured interest-only financing above $3M for a high-leverage borrower, a structure most banks will not offer.
Home Purchase | Los Feliz | $5.4M
$3M loan
30 YR fixed interest-only, bank statement loan
6.78% interest rate | 6.995% APR
We closed this bank statement loan in just 14 days from start to finish, delivering the speed and efficiency the transaction required.
Investment Property | West Hollywood | $3.025M
80% LTV financing
30 YR fixed interest-only, DSCR loan
7.25% interest rate | 7.37% APR
We secured DSCR financing for an investment property using only projected rental income, with leverage above the 70% to 75% range most banks typically offer.
Home Purchase | Palos Verdes Estates | $3.1M
80% LTV financing
7/1 ARM
5.75% interest rate | 5.87% APR
The loan closed in only three weeks, giving the borrower a fast and efficient path to funding.
Key Dates This Month
Nov. 10: Consumer Price Index (CPI)
Nov. 12: Existing Home Sales
Nov. 18: Pending Home Sales, Building Permits and Housing Starts
Nov. 25: New Home Sales
How I Can Help You This Month
Treasury yields are easing and oil is falling, but the Fed is in a neutral monetary thought process, so the best preparation is a financing plan built for today’s rates. If you would like updated rate quotes, a scenario analysis on a specific property, or a conversation about how this environment affects your plans, please reach out any time.
Thanksgiving is later this month, and I am grateful for the long-standing relationships I have with the clients and agents who continue to trust Cohen Financial Group. Thank you for your loyalty, and I wish you and your family a happy Thanksgiving.
Sincerely,