October 28th, 2026 8:53 AM by Richard Sardella MLO.100007700/NMLS 233568
The FOMC and Fed chief Kevin Warsh this afternoon. Another quiet beginning this morning, the key 10 year note hasn’t changed since last Thursday’s close.
There isn’t any belief the Fed will increase the FF rate today despite Chairman Warsh saying he is focused on bringing inflation down to 2.0%. Inflation based on the PCE (personal consumption expenditures) scheduled for release tomorrow morning is thought to be 3.5% year/year, the core, ex food and energy, year/year is expected to be 3.1%.
MBA reported last week’s mortgage applications this morning. Applications rose by 3.4% in the week ending October 23rd, marking the first increase since August, and breaking a seventh weekly decline. Applications for home purchases increased by 3.8% from the previous week, while refinancing applications rose by 2.7%.
Bond markets will sit quietly until 2 pm when the policy statement will be released, then Warsh at 2:30 pm.
PRICES @ 10:00 AM
10 year note: 5.00% +1 bp
5 year note: 4.86% +2 bp
2 year note: 4.77% +2 bp
30 year bond: 5.29% -2 bp
30 year FNMA 6.5: @9:30 am 101.35 -6 bp (-6 bp from 9:30 am yesterday)
30 year FNMA 6.0: @9:30 am 99.49 -3 bp (+5 bp from 9:30 am yesterday)
30 year GNMA 6.5: @9:30 am 101.22 unch (+1 bp from 9:30 am yesterday)
Dollar/Yen: 158.11 +0.16 yen
Dollar/Euro: $1.1137 +$0.0012
Dollar Index: 102.32 unch
Gold: $4,063 -$12.00
Bitcoin: 80.451 -256
Crude Oil: $101.96 +$2.06
DJIA: 52,440 +63
NASDAQ: 26,476 -1
S&P 500: 7731 +9
Richard Sardella has been actively managing and providing services in the mortgage industry for over 30 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.
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MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.