Portland Mortgage Market Update — September 18, 2026

It was Fed week! Instead of focusing on the events leading up to the .25% rate hike they initiated, I am going to try to peek a little behind the curtain to try and provide some optimism because the News is pretty much all doom and gloom right now. So the Fed has one tool to impact the economy, their funds rate which directly impacts the rate on credit cards. By increasing that cost to borrow, they are hoping the consumer buys less which drives prices down, thereby lowering inflation. This fight against inflation helped mortgage rates initially but Fed Chair Warsh's post meeting speech indicated that there was more to the fight which stopped the rally. The media is saying that rates are back over 7%, the 10 yr Treasury is at levels we haven't seen since 2007, and the housing market is basically falling apart as a result. Let's take these one at a time:

• Rates are back over 7%: Obviously this one is scenario-dependent. There are absolutely some scenarios where this is the case, but for the most part I am still seeing options in the mid-high 6's. Buyers should be encouraged to shop around or explore lenders that offer alternative sources that might offer surprising results! • The 10 yr Treasury: Yes this one hurts, but there is some upside here. The 10 yr is what mortgage rates are based on, and last time they hung around this level was in 2007 (which was... not good). That being said, mortgage spreads (the difference between offered rates and the 10 yr) are still below 2%. Lenders are trying to get borrowers a deal on their loans, and by keeping it lower it indicates we might be in an elevated rate environment for a longer time so we need to get accustomed to rates in the 6% range. Ok, this one might not be as optimistic but at least the lenders aren't gouging us while the 10 yr is high. • The housing market is falling apart as a result? Nope, but it may be shifting to the best buyer's market we have seen in 5 years. There is more inventory on the market than at any point since 2019. Sellers are willing to negotiate, and before a buyer negotiates a lower sales price, have them call me to discuss how a seller credit or buydown may save them more over the long haul

New Website Alert! I am excited to announce that I have revamped my website to more align with my dedication to being a resource for you. Go to www.markruhl.com and find a TON of information about the different loan products offered, a backlog of every weekly market update I have sent out, payment/affordability calculators, and guides on various housing markets. I am happy to add to it if you can think of something.