The headline said “rate cut.” Your lender said “higher payment.”

September and October Fed cuts proved it: mortgage rates dipped into ~6.13% ahead of the meetings and popped back to ~6.33% after. It’s the second month in a row we touched ~6.13%, so have your lock-in plan ready.

• Rates track bonds, not the Fed funds rate. Post-cut guidance raised inflation doubts, investors demanded more yield, lenders padded spreads, and long rates drifted up.
• Inventory is slipping—again. This isn’t a demand surge; it’s withdrawals. Many sellers prefer to wait rather than price to today’s comps.
• Why sellers can wait: lock-in effect, strong equity, and roughly 40% of owners are free & clear—less pressure to sell, more patience in the market.

Sellers: lean on evidence-based pricing, maximize exposure, and work with seasoned representation so you don’t miss real buyers.
Buyers: choices are thinner and dips may be choppy—build a lock strategy and be ready to move when the right home appears.