Welcome to November!  I hope everyone had a wonderfully spooky Halloween on Friday, and remembered the time change on Sunday.

We got another .25bps fed rate cut last week.  Of course, similar to September's cut we got the opposite move in the 10yr yield and mortgage rates.  This is not too surprising as Mr. Powell and the other Fed governors made comments about another rate cute in December not being a sure thing.  Thankfully, mortgage rates didn't make a huge jump to the upside.  As of my typing, we are hovering around 6.33% nationally, and my preferred lender is still posting her rates at 6%.
This is also not surprising due to mortgage spreads, the difference between the 30yr rate and the 10yr yield.  Spreads have gotten significantly better over the course of this year (the spread of the two coming closer together), and thus, not allowing the huge swings in mortgage rates that we've become accustomed to over the last few years.
This is important to make note of as it allows buyers submitting mortgage applications and getting into their home search to be more confident as they shop.

What are you seeing or hearing? I'd love to know paul@guiderealestate.com
Visit www.paulpelettarealtor.com