Weekly Market Update

This week delivered encouraging news as mortgage rates edged slightly lower, supported by economic data that continues to show an economy moving forward with stability and resilience. The ISM Manufacturing Index dipped just 0.5%, remaining steady without any sharp shifts, while the ISM Services Index inched up 0.2%, signaling ongoing, healthy growth in the service sector. September’s PCE report reflected inflation holding just below 3.0%, a sign that price pressures are gradually settling as we wait for newer data to confirm the trend.

All eyes are on the upcoming Fed meeting, which brings the potential for even more positive momentum. With more data available than at the last gathering, the Fed may choose to implement another proactive rate cut to support labor market strength or maintain current rates as conditions continue to improve. We’ll also hear from Chair Powell and see the updated Summary of Economic Projections, both of which could help shape a favorable direction for mortgage rates in the weeks ahead.

If you, or anyone you know, is interested in obtaining mortgage financing, reach out to my team today at 541-815-6596.