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  • The Fed cut its policy rate by a quarter point, but mortgage markets had already priced in the cut and did not benefit.
  • Fed Chair Powell said in his press conference that a December rate cut was not a foregone conclusion, pressuring mortgage rates higher.
  • The government shutdown has once more delayed key economic data, including this week's reports on jobless claims, inflation, and Q3 GDP.

Housing News

  • Pending home sales were surprisingly flat in September. Buyers were likely sidelined by economic uncertainty and labor market worries.
  • Home prices rose just 1.5% year over year in August, the slowest pace in over 2 years and below the current inflation rate of 3%.
  • Contrasting slower pending sales, last week's purchase mortgage apps rose 5% over the prior week and were 20% higher year over year.

Market Minute Report - Mortgage News