Daily Rundown
September 24, 2026
Chart of the Day
Number of the Day
7.12
The average 30-year fixed mortgage rate last week, the highest since May 2024
Quote of the Day
“In my base case, further policy adjustments are likely to be needed to ensure inflation comes down to target in a timely fashion.”
Federal Reserve Governor Michael Barr
Wednesday’s Highlight
Mortgage purchase applications (week of 9/12) fell by 0.8 percent, as rates moved higher.
Quick Commentary
Rising mortgage rates and the attendant pressure on the housing market illustrate the balancing act the Fed needs to pull off as it continues to tighten policy. Housing was ascendant at the outset of every prior rate hike cycle in modern history, but it is already a headwind for the broader economy as this cycle gets underway and thus will likely limit both the pace and magnitude of further tightening from here.
Today’s Highlights
Unemployment claims
New home sales
Daily Trivia
What is the only company in the S&P 500 that has a corporate office in a state with a postal code that matches the firm’s stock ticker?
(Wednesday’s Question: What state’s nonfarm payroll employment level fell by a cumulative 8.5 percent in September and October 2005, a decline it wouldn’t fully recover for more than two years? Answer: Louisiana (Hurricane Katrina))