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The Fed Didn’t Move. The Mortgage Market Didn’t Flinch.

Hampton Roads Housing Update for 2026

This is a plain‑English update for Hampton Roads homeowners and buyers who want to know what today’s mortgage rates and this “new normal” market actually mean for their next move.

What Do Today’s Mortgage Rates Really Look Like in 2026?

Mortgage rates are sitting around 6.1% on a 30‑year fixed, down from roughly 7% a year ago and holding in a tight band rather than spiking higher. Weekly averages have hovered in the low 6s for several weeks, which matters more than tiny daily moves. The 15‑year fixed is closer to the mid‑5s than the high‑5s, giving well‑qualified borrowers a lower‑payment, faster‑payoff option. The big picture: borrowing costs are meaningfully better than last year, without needing a dramatic move from the Fed.

How Does the Fed Actually Affect Your Mortgage Rate?

The Fed held short‑term rates steady and signaled more of the same: focused on inflation, not rushing to cut, and not restarting big mortgage‑bond purchases. The Fed doesn’t set mortgage rates directly; the bond market does that, and this meeting didn’t spook it. Stability is the win here—no surprise move, no sudden spike in mortgage rates, and no new headwind for buyers or refinancers.

What Are Other Buyers and Owners Doing Right Now?

Borrowers have noticed the shift. Refinance applications are up well over 150% compared with this time last year—still off the pandemic peaks, but no longer dead. Purchase applications are running higher than a year ago as well, not a frenzy, but clearly off the floor. Average loan sizes have ticked up, which is what you expect when serious buyers, not just rate‑shoppers, come off the sidelines. This isn’t meme‑stock energy; it’s people executing on real plans.

What’s Really Happening in the Hampton Roads Housing Market?

Here in Hampton Roads, the real estate market is behaving more like a normal, functioning market than the whiplash of the last few years. Days on market have stretched from the 2021–2022 frenzy; homes that are priced and prepared correctly still move, but buyers have a little more time than “by this afternoon or forget it.” Inventory is higher than the ultra‑tight COVID years, which nudges months of supply up but still keeps us tilted toward sellers in most price ranges, not a full buyer’s market. Absorption rates remain healthy: good, well‑located homes are getting absorbed steadily, while overpriced or neglected listings sit and create the perception of “more” inventory than buyers actually want. The theme: more balance, more negotiation, fewer extremes.

What Do Today’s Rates Mean on a $500,000 Hampton Roads Home?

At a $500,000 price point, the difference between 7% and roughly 6.1% is real money. With 20% down (a $400,000 loan), the drop from around 7% to roughly 6.1% can easily mean a savings of a couple hundred dollars a month in principal and interest alone. Over the first few years of ownership, that difference adds up to thousands of dollars in cash flow you either keep or give to the bank. That’s why decisions that felt like a hard “no” at 7%+ deserve a fresh look now.

Can You Still Qualify for a Mortgage in 2026?

One thing that has not changed: guidelines. Underwriting hasn’t gone back to fog‑a‑mirror loans. Lenders still care—deeply—about credit, income stability, debt‑to‑income ratios, and clean documentation. Pre‑approval is still a financial x‑ray, not a handshake. If you’re planning to move, refinance, or trade up, staying “file ready” (taxes, pay stubs, bank statements, and smart credit behavior) matters just as much as the rate you see in a headline.

Should You Buy, Sell, or Refinance in Hampton Roads This Year?

Here’s what this market and these rates mean if you’re a Hampton Roads homeowner, buyer, or seller:

• If you passed at 7%+
  Rerun the numbers at today’s rates. A modest rate drop can be the difference between “too tight” and “comfortable,” especially around that $400,000–$600,000 range.

• If you own but never refinanced out of a higher rate
  Have someone walk your full picture—rate, term, timeline, and costs. A refi only makes sense if the monthly savings and your time horizon beat the closing costs and any reset of your repayment clock.

• If you’re locked in below 4%
  Your rate is an asset. Moving now is more of a lifestyle or life‑stage decision than a rate decision. Focus on whether the new home (location, size, condition, school district, commute) justifies giving up that ultra‑low payment.

• If you’re a first‑time buyer in Hampton Roads
  Trade perfection for progress. Focus on payment, not price alone, and look for homes where the monthly number works with a cushion for repairs and surprises. Use the current stability to get educated, not rushed.

• If you plan to sell your Hampton Roads home in 2026
  Assume buyers will be more selective than in 2021, but not paralyzed. Pricing precisely, presenting well, and understanding local days‑on‑market and absorption in your segment will matter more than “waiting for the next wave.”

The market is shifting from stalled to selective, not from dead to crazy. You don’t need to rush—but you do need to re‑evaluate decisions you made at 7%+ with today’s numbers, your real timeline, and your actual lifestyle in mind. Clarity beats timing.

If you’re in Hampton Roads and want to pressure‑test your plan against today’s numbers, I can walk you through your options as a local broker:

• What your home could realistically sell for in this market

• What your payment would look like on the next place at today’s mortgage rates

• Whether it makes more sense to move, refinance, or stay put

Call or text me at 757‑550‑7122, or visit www.craigsnyderteam.com to start a no‑pressure conversation about your next move.

Craig Snyder
Principal Broker, Dash-2 Real Estate
Your Real Estate Wingman!
The Craig Snyder Real Estate Team

www.craigsnyderteam.com
757-550-7122