The inventory slowdown came as properties sold for 1.6% below asking prices, with some sellers opting to remove their listings altogether, according to Redfin.

The judge’s order allows potentially thousands of consumers to join the lawsuit against the company, similar to other fights between borrowers and servicers.

Principal will be distributed pro rata among the senior A1 through A3 certificates, and subordinate bonds will not receive any principal until all senior classes are reduced to zero.

Our experts expect a mortgage market reset in 2026 with an uptick in originations, but warn lenders not to skimp on compliance even as the reins loosen.

Range-Bound Cruise Control, PM Edition

Bonds came into the domestic session at slightly weaker levels and held mostly sideways for the entire day. There were no meaningful market movers in play, let alone any meaningful movement. Volume clocked in at the lowest non-holiday level of the year. NOTE: this week’s analysis will be shorter and more basic than normal unless something interesting happens.

Market Movement Recap

09:25 AM modestly weaker overnight and holding sideways so far.  MBS down 2 ticks (.06) and 10yr up 2bps at 4.16

01:52 PM MBS still down 2 ticks (.06) and 10yr up 2.8bps at 4.168

03:37 PM MBS down 1 tick (.03) and 10yr up 2.6bps at 4.166

As we approach the end of the year, we’re seeing the usual interest in other opportunities, especially if pipelines aren’t full or management is dealing with people “aging out.” I received this note: “Rob, I need a very targeted approach to finding a new CFO, as my current one is retiring. Know anyone who can help?” I do indeed. You can start with Paul Conway. The industry has seen its fair share of mergers and acquisitions, none of which is expected to cease in 2026. Of course, a big item is keeping the LOs or AEs together after a merger or acquisition, on top of watching for cultural fit. Companies need to determine their strategy… don’t let the market dictate it. (Today’s podcast can be found here and this week’s are sponsored by Gallus Insight, which is transforming employee analytics into actionable insights. Gallus’ ROI tool for learning and development activity is the most powerful in the world, and also the easiest to use. Hear an interview with Ardley’s new AI Chatbot Leo, and Nathan Den Herder, mimicking a typical conversation between a potential borrower exploring mortgage options and an AI bot before being passed off to an originator.) Lender and Broker Services, Products, and Software Great news: ICE Experience 2026 session details are now available! You can now review 48 brand-new sessions (with even more coming soon) covering topics that will provide you with practical strategies to apply to your business right away. Whether you want to streamline operations using the latest Encompass® and MSP® solutions, explore breakthroughs in AI and automation or stay ahead of regulatory changes, you’ll discover actionable content tailored to your needs. ICE Experience 2026 is your gateway to innovation, collaboration, and real-world takeaways, all happening March 16–18, 2026, at Wynn Las Vegas. Don’t forget to use your 2025 budget, since prices go up January 17, 2026! Check out the full session lineup and get ready to transform your business!

Mortgage rates are tied to movement in the bond market and bonds were close enough to Friday’s levels that mortgage rates were essentially unchanged today. This keeps the average lender in the lower portion of the narrow range seen over the past 4 months.  If rates manage to move noticeably lower from here, they’ll be challenging the lowest levels in more than 3 years. Meaningful momentum may be hard to come by over the next 2 weeks. During that time, the bond market will be fully closed for 2 days, partially closed on 2 days, and much lighter in volume and participation for the rest of the time. This can lead to random, small-scale volatility but it rarely results in lasting momentum. For that, we’ll be waiting until the major econ data begins coming out in January–most notably the Jan 9th jobs report.

2025 is effectively over when it comes to meaningful shifts in the bond market. The coming days will be so heavily-affected by light volume/liquidity that any apparently significant shifts would be taken with a grain of salt anyway. Even as we look back over the past 4 months, we see a persistence of the very narrow 4.00-4.20 range in 10yr yields. The past 3 weeks have been especially narrow.

 While the recent micro range in 10s is on the high side of the broader range, this has more to do with shifts in the yield curve. For instance, 2yr yields are hugging the lower end of their 4-month range.

MBS and mortgage rates are somewhere in between, which is why they’ve been outperforming 10yr yields relative to the highs/lows of their respective ranges.

The Massachusetts Democrat requested to see records related to second liens that banks were required to expunge per terms of the 2012 mortgage settlement.

Existing-home sales in the US barely rose in November, as a recent moderation in price growth and mortgage rates motivated buyers at the margin.