Change is constant. Soon I head to Austin, in the Great State of Texas, for the TMBA’s star-studded Housing Summit where “change” will certainly be studied. JPMorgan is embracing block chain. Tired of your cleaning supplies smelling like lemon? How about pumpkin, or birthday cake? “Rob, are you hearing from other brokers or LOs that their borrowers are demanding lower rates on their ‘lock’ since the Fed changed?” I am, and it is a great opportunity to be a knowledgeable human (instead of a robot) and explain why it isn’t the case: that overnight rates are not the same as 30-year rates. The Fed intends to change its policy of balance sheet runoff, ending it but still letting the portfolio of mortgage-backed securities mature without replenishing them. Change may happen with the 2026 mid-term elections approaching, the industry can expect significant stakes tied to a potential shift in congressional power. Register for MAA’s Next Quarterly Webinar on Tuesday, November 4, from 3:00-4:00 PM ET to hear updates on major efforts like the bipartisan ROAD to Housing Act, the possible re-privatization and release from conservatorship of Fannie Mae and Freddie Mac, the future of credit score pricing, the regulation of Artificial Intelligence (AI), and more. (Today’s podcast can be found here and this week’s are sponsored by Optimal Blue, the only end-to-end capital markets platform built to power performance, precision, and profitability, helping lenders of all sizes operate more efficiently, manage risk more effectively, and maximize results. Today’s has an interview with dataqollab’s Adam Quinones on how Fed actions and rhetoric have been influencing bond movement and MBS spreads.)