Real Estate
Housing stays in the squeeze as yields keep rising
Mortgage-sensitive assets remain weak while a HousingWire note flags pressure in originations and price cuts.
Real-estate-linked assets finish mixed to weaker. XLRE rises 0.3%, but MUB falls 0.4% and TLT slips 0.3%, a sign that lower-rate support is still missing from the market.
HousingWire headlines point to a stressed housing backdrop. One report says HECM originations sink to the lowest level since 2020 and HMBS issuance is down 17% in September, while another says even a soft jobs report and dovish Fed talk are not keeping yields lower.
The rate market backs that up. The 10-Yr Treasury rises to 5.277 and the 30-Yr to 5.63, both still above their 200-day averages. That keeps pressure on mortgage pricing and on the kind of financing-sensitive activity the housing market depends on.
A separate HousingWire item says private listing ecosystems could deepen the housing affordability crisis. In today’s tape, the market story is simpler: yields stay high, and anything tied to borrowing costs stays on the defensive.