The government has reopened, ADP’s weekly report highlights late-October job declines, and home prices show renewed strength.

The government has reopened, but it’s unclear how much official jobs and inflation data the Fed will get before its next meeting on December 10. While the government was closed, the private data on jobs (ADP, Challenger, UMich Consumer Confidence) was Halloween scary. Are Fed members paying attention? Or will they wait for official data before cutting rates again?

The MBS Highway National Housing Index fell 3 points in November 2025 to 24. A year ago, the index stood at 31. While average mortgage rates are significantly lower than they were a year ago, inventory levels are much higher, putting downward pressure on prices.

The Fed delivered a second straight rate cut in October, but uncertainty around December’s policy decision is growing as officials weigh persistent inflation against mounting signs of labor-market weakness.

MBS Highway is excited to announce our new Strike Rate tool, which was designed to help our subscribers capture more refinance opportunities that are sitting right in their pipeline – immediately as they become available.