Interest rates continue to hover near the best levels of the year, and with the government officially reopening, we’re finally getting clarity, stability, and momentum back in the housing and mortgage markets. Here’s what brokers need to know — and how to turn this moment into new business.

“If it were easy as fishin’, you could be a musician…”
— “Takin’ Care of Business,” Bachman-Turner Overdrive

Government Reopens — Markets Respond With Relief

After a historic 40+ day shutdown, lawmakers passed a funding bill that reopens the government — ending delays that affected everything from mortgage verifications to economic reports.

Why this matters for brokers:

• Backlogged data (employment, inflation) will finally start flowing again
• Government employees receive backpay, boosting consumer confidence
• Borrowers stuck in limbo can now move forward
• Market uncertainty eases — a major driver of rate volatility

Financial markets reacted immediately: stocks rallied, and bond yields improved as investors welcomed a return to normal reporting and operations.

Economic Picture Clears — Here’s the Impact on Rates

The shutdown took a real toll on economic activity, costing between $7–$16 billion per week. But now that the government is reopening, economists expect:

• A temporary rebound from backpay-driven spending
• More accurate economic data, starting with overdue jobs reports
• A clearer path for the Fed heading into the December meeting

The only catch? October unemployment and CPI will be delayed longer — meaning markets will rely heavily on November’s data for direction.

For brokers, this means:
Expect stronger clarity on rate direction over the next 2–3 weeks
Rate dips may be more likely once data catches up
Borrowers on the fence may feel more confident re-engaging

Mortgage Activity Is Already Picking Up

According to MBA data (week ending Nov 8):

• Overall applications were up 0.6%
• Purchase apps jumped 6% — the highest since September
• Purchase demand is 31% higher year-over-year
• Inventory is rising and home price growth is easing

Broker takeaway:

• Buyers are stepping back in. Pipeline activity is moving.
• The market is waking up — and the brokers who reach out now will capture the lift.

 

Rates Hold Near Yearly Lows

30-Year Fixed: 6.24%
(up just 0.02% from last week and 0.54% lower than a year ago)

10-Year Treasury: 4.09%
(down from last week and 0.61% lower than a year ago)

The 10-year has held below 4.20% for weeks — something it struggled to do last year. A sustained move below 4.00% could spark meaningful rate improvement.

Broker takeaway:

• We are in a much better rate environment than 2024
• Conditions are improving steadily, not spiking wildly
• This is a perfect time to revisit pre-approvals and scenarios

What’s Ahead This Week

With the data delay clearing, markets will closely watch:

• Empire State Manufacturing Index (Mon)
• ADP Employment Report (Tues — big one)
• NAHB Homebuilder Sentiment
• NY Fed Services Report
• Existing Home Sales (Thurs)
• Philadelphia Fed Manufacturing Index

Wednesday = Main Event

The FOMC Meeting Minutes release at 2 PM ET will offer deeper insight into where the Fed stands on rate cuts. Fed officials remain divided — so expect some movement in rates depending on tone.

Broker Opportunity: Where to Focus This Week

• Revisit stalled buyers who paused during the shutdown
• Run fresh pre-approval numbers — pricing has improved
• Reach out to investors (DSCR, Bank Statement, Non-QM) who benefit from increasing inventory and easing rate pressure
• Educate your database: “Government is back, data is back, markets are stabilizing”
• Watch rates closely — improvement is more likely than deterioration

The Bottom Line

The government reopening is more than a headline — it’s a reset button for the mortgage and housing market.
With clarity returning, rates stabilizing, and activity rising, brokers have a strong window to:

• Re-engage borrowers
• Unlock delayed deals
• Build momentum into year-end

This is a moment to act, not wait.