Written by Anthony Messina | November 4, 2026
Licensed Mortgage Loan Consultant | NMLS #2699956 | John Adams Mortgage Company
Call or text (586) 899-7281 | AMessina@JohnAdamsMortgage.com
I have been walking through how mortgage rates really work. This month, I want to talk about a question I hear from first-time buyers all the time: "I'll just keep renting until things settle down."
It sounds careful. But renting is not automatically the safer choice, and buying is not automatically the riskier one. Both carry costs.
Here is what recent research says about each side, what the local numbers show, and a few program updates worth knowing.
Rent vs. Buy — The November Update
Three things to know before you decide that renting is the safe choice:
1. Rent can change. When a lease renews, your payment can change. And a rent payment does not build ownership in the home.
2. Rental affordability has worsened. The MBA Research Institute for Housing America found that rental affordability worsened in 82 percent of U.S. metro areas between 2014 and 2023 (MBA NewsLink, November 4, 2026). That is a national look back, not a Metro Detroit rent report.
3. Renting has real advantages too. It can offer flexibility if you expect to move soon. That matters, and it is a fair reason to rent.
Why this matters for buyers
Neither path is right for everyone. Comparing them takes real numbers: what you pay today, what owning would add, and how long you expect to stay.
What changed in October
The Federal Reserve held its benchmark rate steady at its October meeting (HousingWire, October 29, 2026; MBA Servicing NewsLink, November 3, 2026). The Fed does not set mortgage rates. The bond market does.
Mortgage News Daily reported that average mortgage rates slipped to their lowest point in about five weeks (October 29, 2026).
Buyer demand is still soft. MBA reported that purchase applications for the week ending October 30 were about 19 percent below year-ago levels (MBA NewsLink, November 4, 2026).
What the rate picture can and cannot tell you
Day to day, rates bounce like a yo-yo. The longer-term direction matters more, and one good week does not settle it.
Nobody can promise where rates go next, and a good plan does not depend on it.
The bottom line: Preparation beats prediction. Know your budget, your credit picture, and your timeline, and you can make a decision from strength instead of guessing.
Want to see where you stand? [Click here] to check your personalized buying power.
The Metro Detroit Local Market — September 2026
This is closed single-family sale data, not a national average. It comes from the Real Estate One October 2026 Housing Report, which uses Realcomp MLS data through September 30, 2026.
Macomb County: Average sale price of $333,598 across 701 closed sales.
Oakland County: Average sale price of $493,938 across 1,097 closed sales.
Wayne County: Average sale price of $270,609 across 1,254 closed sales.
What the data shows
Prices: Average sale prices in all three counties were lower than in August. Year to date, they are higher than the same stretch of 2025 in each county. An average can be pulled up by a few high-priced sales, so treat it as a starting point.
Activity: Closed sales were also lower than in August. Macomb was down 15 percent, Oakland down 13 percent, and Wayne down 10 percent, per the report.
Preparation: Numbers like these describe the past. They cannot tell you what your next few months will look like. Your own budget and timeline can.
Learn more about buying a home in Metro Detroit
What Does Owning Really Cost Beyond the Loan?
Buying has its own costs, and some are easy to miss.
What is NOT in your loan payment
Property taxes
Homeowners insurance
Maintenance and repairs
Utilities
What the research shows
Zillow and Thumbtack found that these non-mortgage costs of owning average about $16,566 a year nationally. That is up nearly a third over five years (MBA NewsLink, November 4, 2026). It is a national average, so your costs will differ.
An MBA NewsLink editorial argued that homeowners insurance cost is increasingly part of the affordability math itself, not just a line item at closing (MBA NewsLink, October 29, 2026).
The critical point
This is not a reason to avoid buying. It is a reason to plan for the whole home, not only the loan. When you build the full monthly picture before you decide, there are fewer surprises after closing.
Bottom line: Compare renting and owning on the same footing, with all of the costs on the table.
Ready to run your own numbers? [Click Here] to check your personalized buying power.
Michigan Homebuyer Programs — What Changed in October 2026
These updates are new, and details vary by lender and loan type.
MSHDA MI Home Loan
The Michigan State Housing Development Authority lists its MI Home Loan without down payment assistance at 6.50 percent (6.619 percent APR).
MSHDA also offers a version with down payment assistance of up to $10,000. That version is listed at 7.125 percent (7.248 percent APR).
Rates and APRs are subject to change, and program requirements apply. Terms and conditions apply.
Credit scores: VantageScore 4.0
Fannie Mae and Freddie Mac now let lenders use VantageScore 4.0, and several large lenders have it live (Chrisman Commentary, October 14, 2026). Each lender decides which scores it uses, so two lenders can look at the same credit file differently.
Mortgage insurance: an executive order to watch
An October 23 executive order points to a pilot on cancelling mortgage insurance once a borrower has enough equity. It is not in effect yet and depends on agency guidance (HousingWire, October 26, 2026). Conventional loans carry private mortgage insurance (PMI), and FHA loans carry a mortgage insurance premium (MIP). The two work under different rules, so any change may not apply to both the same way.
Other updates
Fannie Mae rental income: Changes are required for applications taken on or after November 1, 2026. [COMPLIANCE REVIEW: verify date]
Freddie Mac Assets as Income: This option divides eligible assets over 180 months, with a $30,000 minimum, and counts retirement accounts only at age 59½ or older. It becomes mandatory for settlements on or after February 3, 2027. [COMPLIANCE REVIEW: verify details]
Condo rules: T
Explore all available loan programs
Are You Renting Today? Here Is How to Compare
If you rent in Macomb, Oakland, or Wayne County, you do not have to choose between renting and buying today. You can start by comparing them with your own numbers.
Write down what you pay for housing now, including utilities.
List the costs of owning: taxes, insurance, repairs, and utilities.
Look at your credit picture and gather your documents early.
Think about how long you expect to stay in your next home.
Talk it through with a Mortgage Loan Consultant before you decide.
I work with first-time buyers every week, and the first conversation is simple. We look at your budget, your credit picture, and your timeline, and we go from there. No pressure.
Call or text me at (586) 899-7281 or email AMessina@JohnAdamsMortgage.com to take the first step.
For Current Homeowners — Your Equity Is Working
A new First American report puts accessible U.S. home equity at a record $13.2 trillion in the second quarter. The same report found that most of it belongs to homeowners whose current mortgage rate is lower than today's market rate, which is one reason many owners are staying put (Chrisman Commentary, November 2, 2026).
If you own, here are three ways people may use equity. Each has trade-offs, and eligibility depends on your situation.
HELOC: A home equity line of credit lets you borrow against your equity as you need it, which some owners use for projects or expenses.
Renovation loan: This type of loan may let you finance improvements to a home as part of one loan.
Cash-out refinance: This replaces your current mortgage with a new one and may let you take some equity as cash. It changes your whole loan, so it is worth comparing carefully.
If you would like to talk through your options, call or text (586) 899-7281 or email AMessina@JohnAdamsMortgage.com.
Important Notices — Michigan Buyers
Michigan Property Taxes
In Michigan, a home's taxable value can reset after a sale, so a new owner's tax bill may be higher than the previous owner's. Ask for an estimate of your property taxes early, and include it in your monthly budget.
Homeowners Insurance
Insurance is part of what a lender looks at, and costs can vary a lot from one policy to the next. Get an insurance quote early in the process so it is part of your numbers from the start.
Frequently Asked Questions — Metro Detroit Housing Market November 2026
Is renting really safer than buying a home?
Not automatically. Rental affordability worsened in most U.S. metro areas between 2014 and 2023 (MBA Research Institute for Housing America, via MBA NewsLink, November 4, 2026), and owning has its own costs. The right choice depends on your budget, your timeline, and your goals.
Does paying rent build equity?
No. A rent payment does not build ownership in the home. Each payment on a mortgage can help build equity over time, though home values can go up or down.
What does it cost to own a home besides the mortgage payment?
Taxes, insurance, maintenance, and utilities. Zillow and Thumbtack found these costs average about $16,566 a year nationally (MBA NewsLink, November 4, 2026). Your costs will differ.
How long should I plan to stay before buying makes sense?
That depends on your situation. Buying has upfront and ongoing costs, so how long you expect to stay is one of the first things to talk through with a Mortgage Loan Consultant.
What are average home sale prices in Macomb, Oakland, and Wayne County?
In September 2026, the average sale price of a single-family home was $333,598 in Macomb County, $493,938 in Oakland County, and $270,609 in Wayne County (Real Estate One October 2026 Housing Report, Realcomp MLS data). An average can be pulled up by a few high-priced sales.
Does the Fed directly control mortgage rates?
No. Mortgage rates follow the bond market, which reacts to inflation, jobs data, and world events. The Fed held its benchmark rate steady at its October meeting (HousingWire, October 29, 2026), and mortgage rates can move on days when the Fed does nothing.
Should I wait for mortgage rates to come down?
Nobody can tell you where rates will go next. Preparation beats prediction: knowing your budget, your credit picture, and your timeline helps you make a decision when the time is right for you. If you want to talk it through, call or text me at (586) 899-7281.
What is the MSHDA MI Home Loan?
It is a loan program from the Michigan State Housing Development Authority, offered with or without down payment assistance. Rates, APRs, and program requirements change, so see the program section above and email me at AMessina@JohnAdamsMortgage.com to confirm the current details. Terms and conditions apply.
What is VantageScore 4.0, and will it change my credit score?
It is a credit scoring model that Fannie Mae and Freddie Mac now allow lenders to use alongside FICO (Chrisman Commentary, October 14, 2026). Different models can produce different scores, and each lender decides which ones it uses.
What is mortgage insurance, and can it be removed?
Mortgage insurance protects the lender if a loan is not repaid. Conventional loans carry private mortgage insurance (PMI), and FHA loans carry a mortgage insurance premium (MIP). They work under different rules, so removal options depend on the loan type. An October 23 executive order points to a cancellation pilot, but it is not in effect yet (HousingWire, October 26, 2026).
What is the UAD 3.6 appraisal change, and could it slow my closing?
UAD 3.6 is a new appraisal data format that took effect November 2, 2026 (HousingWire, November 3, 2026). It may affect appraisal timing, so ask your lender about it if you are closing soon.
What should I gather before I talk to a Mortgage Loan Consultant?
A general starting list: recent pay stubs, tax returns, bank statements, and a list of your monthly debts. Your loan program may ask for more. Send questions to AMessina@JohnAdamsMortgage.com.
How do I check my eligibility for a loan?
Start with a conversation. Eligibility depends on factors such as your credit, income, debts, and the loan program, and I can walk through them with you. Call or text me, Anthony Messina, at (586) 899-7281. Nothing here is a commitment to lend.
Contact Anthony Messina — Metro Detroit Mortgage Loan Consultant
📞 (586) 899-7281
✉️ AMessina@JohnAdamsMortgage.com
🌐 www.AnthonyMessinaMortgage.com
📍 8451 15 Mile Road, Sterling Heights, MI 48312
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