Daily Rate Briefing:

FED MEETING RESULTS

A good day yesterday after the Fed meeting. Conv rates were better by 21 BPS and Govt were better by 6 BPS at end of day. The 10 yr ended down 3 at 4.15 which was good to see. The Dow ended UP 497 points and up 46 on the S&P 500.

As we start today we are in the green this morning as well. On conventional rates we are up 13 BPS and on Govt we are up 3. DOW is up 95 as well. So good results thus far.

The Fed cut rates by a quarter point yesterday, marking the third cut in a row and putting the target range at 3.50 to 3.75. Powell’s tone was more cautious this time, reminding everyone that future moves depend on the data, not on any preset path. The vote itself showed some real division inside the committee, which tells you just how mixed the economic signals are right now.

They also dialed back expectations for next year, projecting only one more cut in 2026. Inflation is drifting toward the mid twos and growth is still hanging in there. The big takeaway is this: yes, we got a cut, but the Fed is clearly slowing the pace. Markets will be watching every data point from here because nothing is guaranteed going forward.

Share the good news my friends!

DYK – Mortgage Playbook:

MARKET HOURS MATTER

Why MBS Trading Hours Matter More Than You Think

Here is a little market truth that most loan officers never learn. Mortgage-backed securities do not trade on the exact same schedule as the Treasury bond market and the overall fixed rate securities market in general. They follow the same rhythm, but they do not follow the same clock.

The Treasury market trades until five o’clock Eastern. Mortgage bonds, on the other hand, effectively shut down closer to four o’clock. And in reality, by about three o’clock, the lights are already dimming. Liquidity thins out. Buyers and sellers step back. Pricing becomes more symbolic than usable.

This matters on two fronts:

First, it explains why you rarely see lenders reprice late in the afternoon. After three o’clock there just is not enough meaningful trading to justify a rate sheet update unless something dramatic hits. Second, it helps you guide your borrowers and realtors with confidence. When you understand when the market is truly open for business, you know when your pricing is most reliable.

So, the next time you are watching the screen, remember this simple truth. The bond market may still be humming, but MBS is already packing up for the day. Use the early hours to your advantage. That is when the market is alive and the pricing is real.

One caveat to understand is some lenders will price out a little bit later in the day on Friday’s to give them some cushion for over the weekend locks.

Jackism – A Thought For Today:

MEMORIES TO COME

I have not added a Christmas movie truth in a couple days which is unlike me, especially this time of year. So here we go. Misty and I were watching A Christmas Vineyard on Netflix. Cute. Simple. Your classic feel good Christmas movie. But it gave me a truth that stuck.

When things are not going your way, sometimes we have to remember that our greatest memories may not have happened yet.

Think about that for a minute. Our greatest memories are still out in front of us. That alone carries a hint of hope, a sense of purpose, a whisper of adventure. It means there are chapters waiting to be written that we have not even stepped into yet.

And that thought pushes me a little. It encourages me to try new things, go new places, pick up different hobbies, stretch out of my routines. Everything from where you eat to the car you drive to the places you vacation to the books you read and the websites you wander through. Even the clothes you wear.

Honestly, I have always wanted to be one of those hip beach guys with the beige linen and the cool hat. Or maybe take the full Tommy Bahama plunge. Or go the opposite direction and live off the Walmart special. Or maybe shop only at second-hand stores and create new stories with every find. The point is not the style. The point is the mindset.

Your greatest memories may not have even happened yet.

Let that settle in your heart for a second. You are not done writing your story and you are not done living it yet either.

So do not coast. Do not assume you have already seen your best days. You haven’t.

Step forward. Risk a little. Say yes to the unfamiliar. Push past the version of you that wants to stay comfortable and predictable. There is more ahead. There is better ahead.

And here is the real challenge.
Stop waiting for memories to happen to you. Start creating them on purpose.

Be intentional. Be bold. Be curious.
Choose the life you want to remember.

Because the story you will be grateful for one day is the one you decide to live today.