10/20/2026
Mortgage Rates Update as of Ocober 16, 2026
Compliments of Philip McKenney, SVP
CMG Home Loans
804.389.2407
Thanks, Philip!
"...Existing home sales increased 1.5% month-over-month in September to a seasonally adjusted annual rate of 3,990,000, exceeding expectations of 3,950,000 and reversing the prior month's 3.2% decline.
Mortgage application submissions slipped 2.7% during the week ending 10/9, following a 4.2% decline the previous week. The seasonally adjusted Purchase Index decreased 4.0%, while the Refinance Index slipped 0.4% from the previous week.
The Consumer Price Index (CPI) increased 0.6% month-over-month in September, matching expectations and accelerating from the prior month's 0.4% increase. Annual inflation rose to 3.7%, above expectations of 3.6% and the previous reading of 3.4%. Core CPI, which excludes food and energy costs, increased 0.3% month-over-month, slightly above the expected 0.2% increase, while annual core inflation rose to 2.6% from 2.4% previously.
Continuing jobless claims decreased to 1,710,000 during the week ending 10/3, matching expectations and slipping from 1,714,000 the previous week. Initial jobless claims increased slightly to 199,000 during the week ending 10/10, matching expectations and rising from 198,000 previously.
Retail sales increased 0.8% month-over-month in September, exceeding expectations for a 0.3% increase but slowing from the prior month's 1.3% gain. Annual retail sales growth rose to 6.29%, compared with 5.56% previously, while core retail sales increased 0.9% month-over-month, above the expected 0.6% increase but below the prior month's 1.4% gain...."
