Inside Lending | Market Snapshot for the Week of November 3, 2025

November 3, 2025/
  QUOTE OF THE WEEK
“Most of what we call management consists of making it difficult for people to get their work done.”—Peter Drucker, Austrian American management consultant 
  NATIONAL MARKET UPDATE
  September’s Pending Home Sales index of signed contracts on existing homes was unchanged for the month, and down just a smidge year-over-year. Inventory hit a five-year high, giving buyers more options and room to negotiate. Mortgage demand rebounded last week, as applications for purchase mortgages were 4% higher for the week, and 20% higher than a year ago, with more borrowers opting for fixed-rate loans. Home price increases continue to slow. August’s S&P Cotality Case-Shiller index was up just 1.5%, the weakest annual gain in over two years. These slowing price increases are improving the potential for greater affordability for buyers.
  REVIEW OF LAST WEEK
  WINNING MONTH… The three major indexes notched weekly and monthly wins, as traders sent stocks northward, buoyed by a quarter point Fed rate cut, a U.S.-China trade deal, and better-than-expected Q3 corporate earnings. Fed chair Jerome Powell turned hawkish in his presser, warning us that we shouldn’t take a rate cut in December for granted, but the futures market still booked a better than 60% chance we’ll get one.  The Consumer Confidence Index didn’t show much change in October, but there wasn’t a lot more economic data, courtesy of the government shutdown. Instead, traders rallied around the booming investment in AI. The week ended with the Dow UP 0.8%, to 47,563; the S&P 500 UP 0.7%, to 6,840; and the Nasdaq UP 2.2%, to 23,725. Bonds headed in the other direction, the 30-Year UMBS 5.0% down 56 basis points, to 99.17. The national average 30-year fixed mortgage rate decreased for the fourth consecutive week in Freddie Mac’s weekly Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.  DID YOU KNOW… According to a national online real estate database, during the four weeks ending October 26, median monthly housing payments saw their sharpest drop in almost a year, falling 1.4% annually.
  THIS WEEK’S FORECAST
  CONSTRUCTION SPENDING, MORTGAGE APPLICATIONS, SERVICES, MANUFACTURING, JOBS… There are no forecasts for the September Construction Spending or October Employment reports, as they’re expected to be delayed by the government shutdown. But we will get MBA Mortgage Applications to check on current buyer activity. And the October ISM Manufacturing index should show that sector slightly in contraction, while ISM Services reveals the dominant sector of the economy is still expanding.
  FEDERAL RESERVE WATCH
  Forecasting Federal Reserve policy changes in coming months. Despite the Fed chair’s post-meeting comments last week, the futures market still sees another quarter percent rate cut in December, but a hold after that. Note: In the lower chart, the 69.2% probability of change means there’s only a 30.8% probability the rate will stay the same. Current rate is 3.75%-4.00%.
AFTER FOMC MEETING ON:CONSENSUS
Dec 103.50%-3.75%
Jan 283.50%-3.75%
Mar 183.50%-3.75%

Probability of change from current policy:

AFTER FOMC MEETING ON:CONSENSUS
Dec 10 69.2%
Jan 28 43.9%
Mar 18 44.0%
  BUSINESS TIP OF THE WEEK
Successful people never stop learning. They constantly listen to podcasts, attend seminars, check into webinars, and mastermind with other successful people, including those outside their industry. The more you learn, the more value you bring to each client you work with.

The Jim Passi Team at Citywide Home Loans proudly serves Illinois, Wisconsin, Michigan, Indiana, Georgia and Flordia. If you are looking to buy a home or refinance, we have you covered. Apply Now to get started.
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Jim Passi - Citiwide Home Loans

Jim Passi
Regional Manager
NMLS# 158000

1121 E. Main Street, Suite 121
St. Charles, IL 60174
Mobile: 847-899-1813
Email: jim.passi@alamedamortgage.com

Email Me

This testimony is from my

This testimony is from my experience being a first-time home buyer going through the process of purchasing a home with Jim Passi from City Wide home loans. Let me just start off by saying how reliable, courteous, genuine, informational and hardworking Jim Passi is. Jim is not like a lot of other loan officers. My house I purchased for under 160 grand, not a huge real estate deal. From experience with other loan officers they don’t want to deal with a smaller purchase or work on a loan that might be difficult. With our credit score being low and work history not at expectations I was almost positive I would have to wait a year or maybe two years before being approved and close on a house. I definitely had doubts that I would be a home owner, Jim worked hard and stayed in contact with us updating us almost every day of the process, even during evening hours and weekends during the stressful underwriting process. Communication is key and I give Jim a 5-star rating with that. I consider myself an average blue-collar hard-working guy that has experienced hardships during life. Jim was never turned away by the hardships, he was understanding of them and I feel like it made him work even harder to make this process a success.

I just successfully closed on a house with my fiancé. Jim did what I thought was impossible. Again, with our credit score being under 600 and spotty work history it was a difficult process that became a success with a lot of hard work. Jim also got me the best interest rate that was available. He was constantly checking the market and keeping me informed on what was available. He wanted me to take my time and make sure what rate was in our best interest. Jim has a cretin genuine care for his clients and speaking with him so much during this process I know he truly cares and wants to help people. Even after we closed Jim called and congratulated us with excitement. Jim made a dream come true for us that I was sure we would have to wait for. I’m just going to say if he made my dream come true with all the problems I had he can make a lot of others come true for any one in a similar situation. Jim Passi is highly recommended.

Tim A.