Sunday is genuinely quiet on the mortgage news front: no new prints, no fresh Fed commentary, and no rate data since Friday. The one new item is HousingWire's exclusive that CrossCountry Mortgage is demanding repayment from two former loan officers and threatening litigation; the documents it obtained point to about $2.3 million in refinances and a repayment demand of more than $17,000. If you are weighing a move to another shop, that is a reminder to read your own agreement before you resign.
Saturday's read still frames the week. Bankrate's 30-year fixed held at 7.28% for a third straight day, and Dallas Fed President Lorie Logan said at least two more quarter-point hikes are needed. The 10-year Treasury closed Friday at 4.94%, and the fed funds rate reads 3.88% after the October 27-28 meeting.
Rate and origination implications: 7.28% is 8 bps under last Sunday's 7.36% and 29 bps under the October 12 high of 7.57%, but it is still well above the 6.67% low of the past 90 days. On a $400,000 loan, today's payment is about $79 a month below that October peak. With nothing new until the week's calendar starts, locks on files that already pencil out are a decision about Friday, not today.
Things you may have missed this week: FHFA's monthly House Price Index rose 0.3% in August and 2.4% from a year earlier. HousingWire, citing ICE's First Look report, said the mortgage delinquency rate rose to 3.66% in September and active foreclosure inventory rose 37% to its highest level since early 2019. Fannie Mae added PointServ as an authorized report supplier for income and employment verification in the Desktop Underwriter validation service, and reported $4.2 billion in third-quarter net income. For a quick recap of the last three days, Rocket and Pennymac earnings both pointed to a thinner origination market, and National Mortgage News headlined Rocket's warning that 2027 will be worse than expected.
Dates to put on the board: Freddie Mac's UAD page says the UAD 3.6 mandate takes effect Monday, November 2, and that sellers who need more time can request a temporary policy exception. Treasury's quarterly refunding is Wednesday, November 4. Weekly jobless claims and the next PMMS land Thursday, November 5, and the October jobs report lands Friday, November 6, the same day feedback closes on FHA's draft Minimum Property Requirements. The next FOMC meeting is December 8-9 and carries a dot plot. The NMLS annual renewal period opens today and runs through December 31.
log in to NMLS and start your annual renewal while the November 1 to December 31 window is wide open.