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reddie Mac shows the 30‑year fixed mortgage rate at 6.19% on Oct. 23, the lowest since early October 2024, while the 15‑year fixed rate averaged 5.44% this week. A key inflation gauge, the September CPI, will be released on Oct. 24 after a nine‑day shutdown delay; its reading will influence the Fed’s next policy move. Unless inflation surprises upward, markets expect a short‑term rate cut next week, but analysts warn further mortgage‑rate declines may be limited.

    Existing‑home sales rose 1.5% from August to September and 4.1% year‑over‑year, reaching a seasonally adjusted 4.06 million contracts—still the lowest in three decades. Prices keep climbing, with the median September sale at $415,200, up 2.1% from a year earlier, marking 27 consecutive months of gains, though the pace has slowed. Lower rates give buyers more flexibility, yet economic uncertainty keeps many buyers hesitant, likely keeping activity flat into the fourth quarter.

    Pending‑sales data show a 0.7% year‑over‑year decline for the week ending Oct. 19, and mortgage‑application activity fell 0.3% week‑to‑week; purchase applications dropped 5%, while refinance applications rose 4% week‑to‑week and 81% year‑over‑year. The combined effect of rate pressure and market uncertainty has left the nation with more sellers than buyers—over 500,000 excess listings, according to Redfin economists.