November 10, 2025 Market Update Courtesy of Envoy Mortgage

Market Spotlight

Week of November 10th, 2025 | #186

KEY TAKEAWAY: Mortgage rates are steady, even after a volatile two weeks of post-Fed reaction. The market is still searching for its footing amid mixed signals and missing data.


After the Fed’s late-October cut, rates initially dropped, but Powell’s hawkish tone—and stronger-than-expected economic data—reversed part of the rally. Bonds spent most of last week moving sideways as the market waited for clarity. By Friday, softer consumer sentiment data helped stabilize yields, leaving mortgage rates right in the middle of their recent range.


With the government shutdown still delaying inflation data, focus shifts to bond auctions and a lineup of Fed speakers later in the week. The market is on edge, looking for any hint of when rate cuts might actually translate into lower long-term yields. Until that happens, expect a choppy but contained trading range.