Long-term U.S. Treasury yields fell in October as the Federal Reserve held its policy rate steady, while an executive order set out a possible pilot on mortgage-insurance cancellation.
Treasury data show the 10-year par yield fell 35 basis points from 5.29% on Sept. 30 to 4.94% on Oct. 30. The 30-year par yield dropped 33 basis points over the same period, from 5.64% to 5.31%.
The Federal Open Market Committee kept its federal funds target range at 3.75% to 4% in its Oct. 28 statement. A separate executive order instructs the director of the Federal Housing Finance Agency (FHFA), if he finds it in the interests of Fannie Mae and Freddie Mac or the agency and the public, to direct the companies to establish a pilot for mortgages made after it begins. The pilot would use automated valuation models and other available data to identify borrowers who appear to meet equity and other requirements for mortgage-insurance cancellation.
CoStar reported third-quarter results and separately announced an agreement to acquire Vexcel.
Jones Lang LaSalle and Sun Communities reported third-quarter results, while Extra Space Storage reported results and raised its funds-from-operations guidance.
