The week was defined by a Fed rate cut, mortgage rates near 6.17–6.30 %, and new USCIS rules ending automatic EAD extensions and requiring e-payments. The prolonged government shutdown heightened risk, while housing data showed mixed momentum.
1. The Federal Reserve cuts rates again, now at 3.75 %–4.00 %
The Fed lowered its benchmark rate by 25 bps, signaling future moves will depend on labor trends and inflation data.
The cut aims to cushion the slowdown amid limited visibility caused by the ongoing government shutdown.
2. Mortgage rates fall to 13-month lows (~6.17–6.30 %)
The 30-year fixed rate dropped to 6.17 %, boosting refinancing and modestly improving purchase activity.
Lower rates aid affordability, but buyers remain cautious in a fragile macroeconomic environment.
3. CBO estimates shutdown losses at $7–14 billion
The Congressional Budget Office projected permanent economic losses between $7 billion and $14 billion depending on duration.
Data disruptions hinder policymaking and increase uncertainty in credit and real estate markets.
4. USCIS ends automatic 540-day EAD extensions
From October 30, renewal filings no longer receive automatic work authorization extensions.
The policy affects thousands of immigrant workers and increases compliance pressure on employers.
5. USCIS mandates electronic payments for paper filings
Effective October 29, only electronic payments via card or ACH are accepted for all USCIS forms.
The reform modernizes the system but requires administrative adaptation for firms and immigration attorneys.
6. Housing inventory expands; 17 states exceed 2019 levels
By late October, 17 states recorded higher active listings than before the pandemic, shifting leverage toward buyers.
However, prices remain elevated, making opportunities more selective for investors and end-users.
7. Mixed housing outlook: momentum meets uncertainty
Falling rates could revive demand, yet macro instability and data gaps temper optimism.
Pending sales stay flat and price growth slows heading into November.
8. Treasury frames the Fed’s cut as a defensive move
Treasury Secretary Scott Bessent emphasized fiscal-monetary coordination, calling the cut precautionary amid labor-market weakness.
Markets interpreted the signal as data-dependent and risk-aware for year-end decisions.
