""Job gains have slowed this year, and the unemployment rate has edged up through September," the FOMC said in a statement. "More recent indicators are consistent with these developments. Inflation has moved up since earlier in the year and remains somewhat elevated.""
""The Federal Reserve is making decisions with limited market data available. However, much data still points to a softening labor market and inflation that remains persistent, keeping prices high heading into the holiday season," Cotality Chief Economist Selma Hepp said. "However, today's move will do little to improve home affordability as prices remain strong and mortgage rates are unlikely to slip under the 6% mark for a 30-year mortgage, which will keep cautious firs"
The Federal Reserve reduced the federal funds rate from 3.75% to 3.5%, marking a third consecutive cut this year amid persistent inflation and a weakening labor market. The Federal Open Market Committee approved the reduction by a 9–3 vote, the sharpest divide since 2019, and a majority of members foresee at least one additional cut in 2026. The Fed cited slowing job gains and a slight rise in unemployment through September, and noted that more recent indicators align with those developments while inflation has moved up and remains elevated. A recent government shutdown paused collection of key economic data. The rate cut does not directly lower mortgage rates; the average 30-year fixed mortgage rate edged to 6.33% and mortgage applications rose 4.8% week over week.
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