September 22, 2025 Market Update Courtesy of Envoy Mortgage

Market Spotlight

Week of September 22nd, 2025 | #179

What You Need to Know

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KEY TAKEAWAY: The Fed cut rates by 0.25%, and mortgage rates jumped the same amount. Rates are still holding near 11-month lows, but direction from here depends on upcoming data.

The Fed sets short-term bank rates, not mortgage rates. Mortgage rates track the 10-year Treasury and the outlook for jobs and inflation. Last week’s cut was already priced in, and stronger-than-expected data after the announcement pushed rates up temporarily. Fortunately, they stabilized to about the same level as the week before.

This week, the focus is on Fed speeches, housing data, and early October economic reports. The Fed’s latest projections show two more cuts this year—but remember last year, when cuts began and mortgage rates actually went up.