Andrew Henderson - Realtor

🏡 MORTGAGE MONDAY — NOVEMBER 9

Mortgage rates declined for a third consecutive week, with Freddie Mac’s national 30-year benchmark reaching 7.18%. That provides buyers with a little relief, but application activity still declined—showing that affordability remains a challenge and this is not yet a major market reset.

📉 RATE SNAPSHOT
- 30-year fixed: 7.18%, down from 7.24%
- 15-year fixed: 6.57%, down from 6.60%
These are national averages for certain conventional purchase loans—not guaranteed rates. Individual quotes depend on credit, down payment, loan program, property type, points and lender pricing.

💵 WHAT DOES THE DROP MEAN?

On a $250,000, 30-year loan, this week’s six-basis-point decline would reduce principal and interest by roughly $10 per month. The full three-week decline of 22 basis points represents approximately $37 per month.

It’s helpful—but probably not enough by itself to change someone’s buying budget dramatically.

📊 BUYER ACTIVITY REMAINS SOFT

Mortgage applications declined 1.2% during the latest reported week. Purchase applications fell 2%, despite the recent rate improvement.

Adjustable-rate mortgages also accounted for 11.4% of applications, their highest share since September 2025. An ARM may offer a lower initial payment, but buyers should understand the adjustment schedule, rate caps and long-term risk before choosing one.

🏠 PRACTICAL TAKEAWAY

Buyers: It may be worth requesting an updated quote, especially if you were preapproved several weeks ago. Compare the APR, points, lender fees and total cash needed—not only the advertised rate.

Sellers: Slightly lower rates have not created a rush of new demand. Accurate pricing and, when appropriate, a closing-cost credit or temporary rate buydown may still do more to attract buyers than waiting for a dramatic rate drop.

Andrew Henderson | REALTOR®
(309) 530-0071 | JaredSells
Jared Litwiller Team | Freedom Realty
Your Central Illinois Real Estate Experts

Sources:

Freddie Mac: https://www.freddiemac.com/pmms
Mortgage Bankers Association: https://www.mba.org/news-and-research/research-and-economics/single-family-research/weekly-applications-survey
Federal Reserve: https://www.federalreserve.gov/releases/h15/current/

🏡 Everything to Review Before You Buy Your Next Home

A successful home search involves more than finding a house you love. Here’s how I can help at each step:

1. Start with a realistic budget
A trusted lender can explain your estimated payment, closing costs and available loan options. I can connect you with reputable lenders and help you understand what different price points may offer in our local market.

2. Define your home priorities
We’ll separate your must-haves from your nice-to-haves and consider how location, layout, condition and future resale value fit into the decision.

3. Make the most of each home tour
I’ll help you look beyond finishes and staging to identify questions about the home’s major systems, maintenance, drainage, storage and overall condition. When specialized expertise is needed, we’ll involve the appropriate professional.

4. Ask before making an offer
We’ll review comparable sales, disclosures, property taxes and other available information before discussing price, contingencies and an offer strategy that reflects your goals.

5. Get to know the neighborhood
I can help you locate objective information about utilities, zoning, school-district boundaries, nearby development and other property-specific considerations so you can decide whether the location fits your needs.

6. Ready to find your next home?
Save this checklist for your search—and contact me when you’re ready for experienced guidance from the first showing through closing.

Andrew Henderson | REALTOR®
(309) 530-0071 | JaredSells.com
Jared Litwiller Team | Freedom Realty
Your Central Illinois Real Estate Experts

🏡 TAKEAWAY TUESDAY — OCTOBER 27

THE TAKEAWAY

Fresh September data show the Bloomington-area market still favoring sellers: sales increased modestly, inventory barely improved and the median price rose 8.3% from last year. Meanwhile, Bloomington advanced two major redevelopment efforts—but neither the proposed Main Street housing project nor the Eastland Mall transformation has final development approval.

📊 BLOOMINGTON-AREA PRICES CONTINUE TO RISE

The Bloomington MSA recorded 188 closed sales in September, up 3.3% from September 2025. The median sale price rose 8.3% to $261,000, while inventory increased only 1.3% to 470 homes.

Homes sold in a median of 33 days, and the market had 2.2 months of supply—both only slightly higher than last year. Year to date, sales are down 1.2%, while the median price is up 5.7%.

🏗️ CITY SELECTS DEVELOPER FOR MAIN STREET HOUSING NEGOTIATIONS

Bloomington’s City Council unanimously agreed to negotiate with Royse and Brinkmeyer over redevelopment of the city-owned properties at 801 and 807 N. Main St., near Illinois Wesleyan University.

The preliminary concept calls for approximately 140–160 apartments in a mixture of sizes and building types. This is not final project approval: the specific development plan and agreement will require another council vote.

🏬 EASTLAND MALL REDEVELOPMENT TAKES A STEP FORWARD

Cullinan Properties is under contract to purchase the 53-acre Eastland Mall site for $11.3 million. The council approved an agreement providing temporary collateral for 80% of the developer’s purchase loan and authorized a study of whether the property qualifies for a tax-increment-financing district.

The developer and city still must negotiate a redevelopment agreement, and creation of a TIF district would require another vote. Current plans envision replacing much of the enclosed mall with an outdoor retail and mixed-use destination, but the final design has not been approved.

🚒 PROPOSED TAX-LEVY CHANGE IN THE ELLSWORTH AREA

The Ellsworth Fire Protection District will hold a public hearing November 9 concerning a proposed 31% increase in its tax extension following errors and corrections involving its 2024 and 2025 tax revenue.

That figure represents the district’s proposed increase in tax income—not a 31% increase to a homeowner’s total property-tax bill. The levy has not yet been approved.

Overall, the latest numbers point to continued price pressure rather than a major shift toward buyers. Additional housing is moving through the planning process, but proposed units will not relieve today’s limited supply unless financing, approvals and construction all move forward.

Andrew Henderson | REALTOR®
(309) 530-0071 | JaredSells
Jared Litwiller Team | Freedom Realty
Your Central Illinois Real Estate Experts

Sources:

Illinois REALTORS® — Bloomington MSA September report:https://marketstatsreports.showingtime.com/IAR-Illinois_wspf9/prelook/Bloomington-MSA.pdf marketstatsreports.showingtime.com

WGLT — Main Street housing negotiations and Eastland Mall redevelopment:
https://www.wglt.org/local-news/2026-10-26/bloomington-looking-into-tax-incentives-for-eastland-mall-redevelopment WGLT

WGLT — Ellsworth fire-district levy proposal:
https://www.wglt.org/local-news/2026-10-23/rural-fire-department-schedules-public-hearing-to-raise-levy-after-2024-tax-error WGLT

🏡 MORTGAGE MONDAY

The national average 30-year mortgage rate declined from 7.40% to 7.32% this week.

That movement is helpful, but modest: on a $250,000 loan, it reduces principal and interest by only about $14 per month.

For buyers: Ask your lender for an updated quote and compare the APR, points, fees and total cash needed—not merely the advertised rate.

For sellers: This small decline is unlikely to produce a sudden wave of buying power. Competitive pricing and a strategically structured closing-cost credit or rate buydown may still make a meaningful difference.

Mortgage applications also declined 5.3% during the latest reported week, suggesting affordability remains a significant obstacle despite the slight improvement in rates.

Rates eased, but the market hasn’t reset. Buyers and sellers still need strategies based on today’s numbers—not hoped-for future changes.

📲 Andrew Henderson | REALTOR®
📞 (309) 530-0071 | 🌐 JaredSells
🏡 Jared Litwiller Team | Freedom Realty
Your Central Illinois Real Estate Experts

Sources:

Freddie Mac:
https://www.freddiemac.com/pmms

Mortgage Bankers Association:
https://www.mba.org/news-and-research/newsroom/news/2026/10/21/mortgage-applications-decrease-in-latest-mba-weekly-survey