The private sector added jobs in October after two months of losses, and forecasts for home price appreciation show upward momentum.

This was meant to be “jobs week” (JOLTs, ADP, BLS), but on account of the government shutdown, we only got ADP. On a nationwide basis, home prices are basically flat YoY, but that masks significant variation at the state and city level (half are down, half are up).

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 ongoing government shutdown is directly impacting the housing market and delaying crucial economic data the Federal Reserve was counting on ahead of its next policy meeting on October 29. Here’s what’s being affected, and why it matters.

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.