Thursday’s wild selloffs, and further losses Friday, were a reminder that the fervor of retail traders — whipped up in part by Federal Housing Finance Agency head Pulte — can quickly turn sour.

The Consumer Financial Protection Bureau said the new oath was necessary because prior leadership engaged in what it describes as “thuggery” during exams. Former CFPB officials rejected the agency’s characterization of past actions.

A federal judge in Pennsylvania ruled the debtor could not prove she was injured by any alleged conduct by Nationstar or other defendants WSFS and A&D.

The average premium increase is 64% or $600 a year more, and in some states the rate would go up by more than $1,000, the comparison shopping platform found.

Renters can now enroll in CreditClimb through Zillow to have their on-time rent payments reported to the three major credit bureaus.

The credit card will provide borrowers points for making their normal monthly mortgage loan payments and for the purchase of home products and services.

While some international purchasers are reluctant to buy in the U.S. right now, interest in investment properties still abounds, the CEO of Waltz said.

Bonds Hold Gains Despite Ongoing Recovery in Stocks

The stock market factored into the bond market’s performance on Friday.  In pre-market trading stocks managed a big bounce after NY Fed’s Williams spoke favorably about December’s rate cut potential. Bonds benefited from that comment initially, but the stock rally quickly forced bonds to find a floor for the day. From then on, stocks continued putting upward pressure on rates, but the net effect was that bonds simply held sideways whereas they might have otherwise continued to rally.

Econ Data / Events

Non Farm Payrolls (Sep)

119K vs 50K f’cast, 22K prev

Participation Rate (Sep)

62.4% vs — f’cast, 62.3% prev

Philly Fed Business Index (Nov)

-1.7 vs -3.1 f’cast, -12.8 prev

Philly Fed Prices Paid (Nov)

56.10 vs — f’cast, 49.20 prev

Unemployment rate mm (Sep)

4.4% vs 4.3% f’cast, 4.3% prev

Market Movement Recap

09:16 AM Stronger overnight, mostly in line with stock losses. Some additional gains on Fed’s Williams’ rate cut thoughts.  MBS up just over an eighth and 10yr down 2.6bps at 4.059

11:37 AM Near weakest levels but still in positive territory.  MBS up 3 ticks (.09) and 10yr down 1.2bps at 4.072

12:27 PM weakest levels. MBS unchanged and 10yr up 0.2bps at 4.085

02:54 PM Back near strongest levels now with MBS up 5 ticks (.16) and 10yr down 2.2bps at 4.062

Recent stock market losses have gotten a lot attention in the news recently. While there’s no reliable correlation between stocks and interest rates, when stock losses are as big as they have been recently, it increases the tendency for rates to move in the same direction.  That was definitely the case today. Bonds (which dictate rates) improved overnight as stocks sank further. But as early as 7am, a reversal began to take shape. The catalyst was a comment from NY Fed Pres Williams who said he sees a good case for a rate cut at the upcoming December meeting. On one hand, improved rate cut odds are typically good for longer term interest rates.  That was apparent in the immediate moments following the the comment.  But in many cases, such comments are also good for stocks. On occasions where stocks aren’t in the throes of a big sell-off, the net effect is often a divergence between stocks and rates (i.e. stocks move higher on Fed rate cut enthusiasm and bonds move lower for the same reason). In this week’s case, because a decent amount of downward pressure on rates is attributable to recent stock losses, the rebound in stocks quickly gave way to upward pressure in rates. Fortunately, the overnight gains were large enough to absorb that upward pressure. As such, mortgage rates managed to hold on to a modest improvement versus Thursday’s latest levels. This keeps rates in the same narrow, sideways range that’s been intact since the late October Fed meeting. [thirtyyearmortgagerates]

Existing-home sales posted another modest gain in October, rising 1.2% to a seasonally adjusted annual rate of 4.10 million , according to the National Association of Realtors (NAR). Sales are now 1.7% higher than a year ago as lower mortgage rates helped offset the drag from the government shutdown. Demand continues to run stronger than it did through most of 2023 and early 2024, even if the overall pace remains historically subdued. “Home sales increased in October even with the government shutdown due to homebuyers taking advantage of lower mortgage rates,” said NAR Chief Economist Lawrence Yun. He highlighted regional differences for first-time buyers: limited supply in the Northeast and high prices in the West kept activity in check, while the Midwest and South benefited from better affordability and more available listings. Yun added that decelerating rents should continue easing inflation and encouraging further Fed rate cuts, which would support additional housing demand. Regional Breakdown (Sales and Prices, October 2025)

Region
Sales (annual rate)
MoM Change
Median Price
YoY Change

Northeast
490k
0.0%
$503,700
+6.5%

Midwest
990k
+5.3%
$319,500
+4.6%

South
1.86m
+0.5%
$362,300
+0.3%

West
760k
-1.3%
$628,500
+0.1%