Weekly Market Update

Mortgage rates moved modestly higher last week as the government shutdown reached a historic point, but overall sentiment in the market remains steady and resilient. Even with limited government data available, private-sector reports continue to highlight underlying strength and adaptability in the U.S. economy. The ISM indices reflected a healthy balance — manufacturing activity softened slightly, while the services sector continued to expand, demonstrating ongoing momentum in key areas of growth.

While some analysts have noted concerns about the labor market, the latest private data show encouraging signs of stability. Challenger, Gray, and Christmas reported 153,074 announced job cuts in October, yet ADP’s figures revealed that 42,000 new positions were added, underscoring the labor market’s continued ability to generate opportunities even in a challenging environment.

Looking ahead, optimism is building that the shutdown could come to a close this week — a development that would not only restart the flow of important economic data but also restore critical programs like SNAP. A resolution would likely bring renewed confidence to markets, and mortgage rates could see some upward movement as a result. Still, as data begins to normalize, rates may adjust in response to the economy’s underlying strength.

Now is a great time to explore your financing options before rates shift further. If you, or anyone you know, is interested in obtaining mortgage financing, reach out to my team today at 541-815-6596.