News & Insights

It is becoming very clear that the housing market is all about interest rates. Existing home sales rose 3.4% in October, the first increase in two months. Sales are based on contract closings signed in September when mortgage rates had fallen to the lowest level in almost two years. 

The Fed unanimously voted to cut the benchmark rate by 25 basis points to a target range of 4.50% - 4.75%. According to Federal Reserve Chair Jerome Powell, the move was the second step in the Fed’s recalibration of monetary policy (the first step being September’s rate cut). 

There was lots of discussion leading up to the monthly job report due to the hurricanes and ongoing Boeing strike occurring during October. No one was quite sure how these situations would play out in the labor market.