Data current as of November 2, 2026, morning ET. October's local sales numbers aren't out until Nov. 16, so this week we're tracking three things that shape your next move: mortgage rates, the Fed, and tomorrow's property tax vote.
Key takeaways
Rates fell for a second straight week. The 30-year fixed averaged 7.24% as of Oct. 29, down from 7.32% the week before and its lowest level this month. A year ago it was 6.17%. The 15-year fixed fell to 6.60% from 6.68% (Freddie Mac PMMS, Oct. 29, 2026).
The Fed held steady. On Oct. 28 the FOMC voted 10–2 to keep the federal funds rate at 3.75%–4.00%, saying inflation "remains elevated." Two members dissented in favor of a quarter-point increase (Federal Reserve, Oct. 28, 2026). The range has been there since a September increase (CNBC, Oct. 28, 2026).
Amendment 3 is on Tuesday's ballot. It needs 60% to pass. It would raise the homestead exemption for non-school taxes to $150,000 in 2027 and $250,000 in 2028, then index it to inflation, and cut the yearly assessment cap on non-homestead property from 10% to 5%, effective Jan. 1, 2027 (Florida Division of Elections ballot text).
New residents would wait for the bigger break. People who aren't Florida residents on Dec. 31, 2026 would get the existing exemption first, with the larger one starting in their fifth year of exemption (same ballot text).
What it means for buyers
On a $400,000 30-year loan, principal and interest at 7.24% is about $2,726 a month, roughly $22 less than at 7.32% a week earlier (our math from Freddie Mac PMMS; excludes taxes, insurance and HOA or CDD fees). Two small weekly drops aren't a trend, and the Fed is signaling patience, not cuts, so lock when the payment works for you rather than waiting for a perfect rate. If you're relocating to Florida, Amendment 3's five-year phase-in matters to your tax budget. Ask your lender to estimate taxes at the purchase price, not the seller's bill, and see our homestead and Amendment 3 explainer.
What it means for sellers
Lower rates help buyers' monthly payments, and every bit of payment relief widens your buyer pool. Whatever happens Tuesday, buyers will ask what the taxes will look like after they buy. Have your current tax bill, any CDD or HOA assessments, and your roof, 4-point and wind-mitigation reports ready so buyers can price the full payment fast. Want to know where your home stands today? Get a free home value report.
What it means for investors
If Amendment 3 passes, rentals and second homes would see their assessed value grow no more than 5% a year for non-school taxes starting in 2027, instead of 10%. Under current Florida law, a sale generally resets the assessment to market value the next Jan. 1, so underwrite taxes at the purchase price either way. Run your numbers at today's 7.24% with a downside case, then share your investment criteria. We'll cover the result in our next update.
Coming next: Election results Tuesday night, Freddie Mac's next rate survey Thu, Nov. 5, and October local sales data Mon, Nov. 16 (RASM statistics).
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Luis Odon, REALTOR® · Keller Williams Coastal Living II · (941) 993-8311 · LuisfjosRealtor@gmail.com · Se habla español.
Rates are national averages; your rate will differ. This is general information, not financial, tax or legal advice, and not a recommendation on how to vote. Equal Housing Opportunity.
