Interest rates are still hovering near the best levels of 2025, even after a week filled with stronger economic data and mixed signals from the Fed. For mortgage brokers, the takeaway is simple:
Stability is returning — and opportunity is building.

“Still don’t know what I was waiting for…”
— David Bowie, “Changes”

Let’s break down what happened and how to use it in conversations with your borrowers.

 

Fed Minutes: No Clear Path to Rate Cuts — Yet

The Fed’s October meeting minutes revealed a central bank that is not ready to commit to another near-term rate cut. Policymakers agree they want more proof that inflation is cooling before easing again.

Broker takeaway:

This isn’t bad news — it simply means rates may stay in a stable range, giving you:

• A cleaner conversation with buyers who were waiting for the next Fed cut
• An environment where pricing moves are more predictable
• Time to re-run scenarios for deals that were too tight earlier this year

What the Fed said — in broker language:

• Inflation isn’t falling fast enough → don’t count on a December cut
• Officials are split → expect some week-to-week rate movement
• “Higher for longer” remains possible → stay proactive with locks

In short: the Fed wants more data before making a move — but that hasn’t stopped mortgage rates from holding near yearly lows.

 

Strong September Jobs Report — What It Means for Rates

The September jobs report beat expectations, showing:

• Solid hiring
• Low unemployment
• Steady wage growth

Normally, strong labor data pushes mortgage rates higher — but this week, that did not happen.

Broker takeaway:

This is good news.
Strong jobs + steady rates = a healthier, more confident borrower pool.

For borrowers who think “rates only fall when the economy slows,” this report is a great chance to explain why rates can still improve even when hiring is strong.

 

Existing Home Sales Hit 8-Month High

October existing-home sales rose 1.2%, the fastest pace since February.
Year-over-year, sales are up 1.7%.

Why brokers should care:

• Lower rates earlier this year pulled buyers off the sidelines
• More inventory + better affordability = a smoother buying environment
• This is a clear sign that buyers respond quickly to rate stability

This report is a solid confidence boost heading into year-end. Use it in your outreach.

 

Rate Snapshot: Still Near the Best Levels of 2025

30-Year Fixed (Freddie Mac):

6.26%
(+0.02% from last week, -0.58% YoY)

10-Year Treasury:

4.09%
(Down from last week, -0.30% YoY)

The big technical picture:
The 10-year Treasury has stayed below 4.20% for weeks — a major improvement from last year.
A break below 4.00% would open real room for mortgage rates to improve further.

Broker takeaway:

• Rates are dramatically better than late 2024
• Volatility is milder, not extreme
• This is a prime time to revisit pre-approvals and stalled buyers

 

The Week Ahead: What Brokers Should Watch

With Thanksgiving approaching, it’s a shorter trading week — but still important.

Here’s what could move rates:

• Black Friday spending — consumer strength affects inflation expectations
• Treasury auctions — recent ones have performed well, helping rates
• Fed speakers — markets are listening closely for clues on December
• Housing data — anything tied to buyer demand moves mortgage bonds quickly

Expect lighter volume = slightly more rate sensitivity, especially mid-week.

 

Broker Strategy: How to Use This Market

Here’s where brokers can win right now:

✔ Re-engage buyers who paused earlier this year

Rates are still attractive — remind them.

✔ Run fresh pre-approval numbers

Tighter scenarios may now work.

✔ Reach out to investors

DSCR and Non-QM deals benefit from stability.

✔ Set expectations around the Fed

“Cuts aren’t guaranteed — but rates don’t need cuts to improve.”

✔ Stay alert for rate dips

Markets could soften further if coming data cools.

 

Bottom Line for Brokers

This market is giving you:

• Stable, favorable rates
• A more confident buyer pool
• A stronger housing rebound
• Opportunities to revive stalled deals

Fed uncertainty isn’t hurting rates — and stronger economic data isn’t pushing them higher.
That’s a win for brokers heading into year-end.

Now is the time to reach out, re-qualify, and rebuild your pipeline.