Mortgage rates jump after second Fed cut 

This week’s rate adjustment was expected, but the Fed indicated a December cut isn’t guaranteed. 

Mortgage rates are climbing after Federal Reserve Chair Jerome Powell expressed uncertainty about the likelihood of another short-term interest rate cut in December.  

"The result is a mild re-set in yields back to levels that are more consistent with a December cut being a solid possibility, but not a full lock," MND COO Matthew Graham wrote in an online post. 

The past few years of upticks were mostly attributed to inflation concerns. 

Perhaps sensing an opportunity, more homebuyers have been filing mortgage applications. 

Despite recent mortgage rate declines, pending sales were unchanged nationally in September compared to August and down 0.9% year-over-year, according to the National Association of Realtors. 

While inventory is losing steam as some sellers take homes off the market, overall levels are up 6.9% compared to a year ago 

Redfin's Homebuyer Demand Index is also up 5% from one month earlier, though down 10% year-over-year.