Blog


  • The government shutdown drags on, stalling key economic reports and leaving the Fed and markets short on fresh data.
  • Markets still expect the Fed to cut its policy rate at next week's meeting, and investors anticipate a 3rd cut for the year in December.
  • Consumers expect to spend $890 per person on the holidays this year, down from $902 in 2024, per a National Retail Federation survey.

Housing News

  • Falling mortgage rates persuaded buyers to take action in September. Existing home sales rose 1.5% to reach a 7-month high.
  • The median existing home price last month grew 2.1% year over year to $415,200. Inventory rose to 4.6 months, up from 4.2 months a year ago.
  • Purchase apps fell 0.3% for the week but were 20% higher than the same time last year. Refi apps grew by 4% for the week and 81% year over year.

Market Minute Report - Mortgage News