Well, today’s the day that higher for longer comes to an end.  The 70% probability of a 1/2% rate cut earlier this morning is now down to 59%.  We’ll see the official verdict in just over three hours.  Remember that the mortgage market has already priced in today’s Fed rate cut, so don’t be surprised if mortgage rates don’t immediately improve.  What we are waiting for is the commentary from Jerome Powell at the press conference hinting how quickly they plan to continue to ease monetary policy as we wrap up 2024.

Another big announcement today is that ahead of the Agency’s release of the 2025 Conforming loan limits, as of today, I can approve loans up to $803,500 as of today.