Morning Roundup (11/8/2024) – FOMC Decision

Good Morning! Today is Friday, November 8. The Mortgage Note will be off Monday in honor of Veteran’s Day. Trump chose Susie Wiles as his White House chief of staff. Biden pledged a peaceful and orderly transfer of power. Australia moved to ban children under 16 from social media.

The Mortgage Note Reports

FOMC Decision: Donald Trump’s election spells trouble for the FOMC, but for now, the Central Bank cut rates another quarter-point. Writer Patrick Lavery breaks it down.

Election Results: Mortgage rates ticked up again last week and are projected to keep rising now that Trump has been voted back into office.

In other mortgage and housing news…

America The Beautiful: With Veterans Day approaching, Veterans United Home Loans unveiled its list of The 10 Most Patriotic Cities in the U.S.

Powell Holds Strong: Federal Reserve Chair Jerome Powell said he will remain in his role through the duration of his term even if Trump calls for his resignation.

Pre-Election Sales: While home sales remained mostly resilient to election jitters and rising rates, some buyers waited until they knew more about the direction of the country.

GSE Update: Fannie Mae approved Chicago FHLB’s Mortgage Partnership Finance Program to sell loans made to Native Americans, while Freddie Mac and FHLB Des Moines will collaborate to increase affordable housing finance options on tribal lands.

More GSE: Plus, Fannie Mae appointed Scott D. Stowell to its Board of Directors.

Listen In: FirstAm’s REconomy podcast tackles the mysterious metric that moves rates and what it’s signaling for the housing market heading into 2025.