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What's up in Mortgage Today (AM) - 10/14/2025

Week In Review
October 14, 2025

WTMS Blog Today = What's up in Mortgage Today (AM) - 10/14/2025 Bond markets delivered a genuinely strong start this morning, despite some red flashes on trading screens. The 30-year UMBS 5.0 coupon opened at 99.55, which is significantly better than Friday's end-of-session levels around 99.50. This marks one of the few times traders can confidently say we have a "strong red start." The 10-year Treasury yield dropped to the mid-4.03% range after closing Friday above 4.05%. This improvement comes despite Friday's brief 10-minute rally that provided little sustained momentum. Treasury yields falling as investors seek safety amid fresh trade tensions with China. Fed Chair Jerome Powell will speak at 12:20 PM ET today, delivering remarks alongside Vice Chair Bowman and Governor Waller. Markets eagerly await any signals about future rate cuts, especially as the government shutdown continues limiting economic data availability. Small business optimism fell to 98.8 in September, missing expectations of 100.5. JPMorgan kicked off earnings season with mixed results for mortgage originators. The bank's mortgage origination volume rose 15% year-over-year to $13.9 billion, but provisions for credit losses jumped 19% quarter-over-quarter. CEO Jamie Dimon cited concerns about tariffs, trade uncertainty, and sticky inflation creating heightened uncertainty for the economy. The ongoing government shutdown continues impacting data flow, though September's Consumer Price Index will be released October 24. This timing ensures the Federal Reserve has updated inflation data for its month-end meeting. Market expectations remain for 25 basis point cuts at each of the two remaining FOMC meetings this year. Locking vs Floating Friday's massive volatility raises obvious questions about whether to lock or float this week. Simply expecting continued improvement because bonds surged on tariff developments represents faulty thinking. Tariffs have historically been a double-edged sword for bonds, creating extra risk of correction as traders potentially buy the stock market dip. Big, lasting momentum in bond markets requires significant changes in economic data, not just tariff headlines. While further improvements could happen, there's nothing from Friday's action that makes this more likely than a reversal. MBS prices help with intraday risk management, but 10-year yield levels provide better insight into bigger-picture bond market momentum. Today's Events - 6:00 AM: September NFIB Business Optimism Index - 12:20 PM: Fed Chair Powell Speech Bond Pricing UMBS 30 yr | Coupon | Price | Intra-Day Change | | 5.0 | 99.56 | -0.03 | | 5.5 | 101.01 | 0.01 | | 6.0 | 102.23 | 0 | GNMA 30 yr | Coupon | Price | Intra-Day Change | | 5.0 | 99.67 | -0.08 | | 5.5 | 100.79 | -0.15 | | 6.0 | 101.76 | -0.01 | Treasuries | Term | Yield | Price | Intra-Day Yield Change | | 2 yr | 3.503 | 99.995 | -0.025 | | 3 yr | 3.509 | 99.622 | -0.002 | | 5 yr | 3.629 | 99.981 | 0.003 | | 7 yr | 3.819 | 100.343 | -0.019 | | 10 yr | 4.047 | 101.66 | 0.013 | | 30 yr | 4.641 | 101.752 | 0.002 |

Zillow + ChatGPT: Your New Best Friend or Competition?

Money
October 11, 2025

The Big News

Remember when you thought Google was your biggest lead generation challenge? Well, hold onto your lockboxes, because Zillow just became the first (and currently only) real estate app integrated directly into ChatGPT. That means 800 million weekly ChatGPT users can now search for homes without ever leaving their AI chat window. Let that sink in. While you're optimizing your IDX feed, consumers are literally asking a robot to find them a house.

What Does It Actually Do?

The integration is surprisingly slick. Users can type natural questions like "Zillow, show me 3-bedroom homes in Austin under $500k" and instantly get listings with photos, maps, pricing, and—here's the important part—attribution to listing agents and MLS sources. When buyers are ready to schedule a tour or connect with an agent, ChatGPT hands them off directly to Zillow.com, where they can contact Zillow Premier Agents or the listing agent. Think of it as ChatGPT playing matchmaker between curious buyers and your listings. The app currently supports most listing types (sales and rentals from agents and owners), with plans to add new construction and 3D tours soon. Zillow has also built in fair housing protections to prevent AI bias—a legitimate concern in this brave new world.

The Pros for Realtors

Massive Exposure Without Lifting a Finger Your listings now have potential access to 800 million weekly users. That's not a typo. Even if a tiny fraction converts, that's substantial organic reach you didn't have last week. You Still Get the Handoff Unlike some tech disruptions that cut agents out entirely, this integration still funnels interested buyers back to real agents. ChatGPT isn't closing deals (yet). When buyers want to tour a property or talk financing, they're directed to connect with you through Zillow. Premier Agent Advantage If you're a Zillow Premier Agent, congratulations—you just got front-row access to what might become the next major lead generation channel. As Byron Lazine from BAM pointed out, "A customer goes on ChatGPT and asks a real estate question, and the Zillow Premier Partners are going to get the benefit." MLS and Broker Attribution Your hard work gets credited. Listing photos, details, and agent information are all properly attributed, so buyers know who represents the property. No New Platform to Learn For once, you don't need to master another app, create a new profile, or sit through a training webinar. The integration works through Zillow's existing infrastructure.

The Cons for Realtors

Data Accuracy Issues Independent tests found that Zillow's ChatGPT app missed approximately 25% of active listings in some markets. That's one in four homes that buyers never see. Why? The app pulls from public feeds that can lag behind real-time MLS data by hours or even days. In fast-moving markets, that delay matters. Potential MLS Policy Violations Industry experts are already raising eyebrows. Victor Lund from WAV Group noted that displaying MLS data through an AI chatbot—rather than through traditional IDX feeds on a website—might violate existing MLS rules. Zillow says they're compliant, but the legal interpretation is still murky. This could get messy. Zillow Becomes the Gatekeeper Here's the uncomfortable truth: Zillow now sits between buyers and your listings in the world's most popular AI platform. They control the experience, the interface, and the handoff process. If you've ever felt dependent on Zillow before, multiply that feeling by ChatGPT's user base. Loss of Direct Traffic If buyers are satisfied browsing listings in ChatGPT, they may never visit your carefully crafted website. Your IDX optimization, SEO efforts, and content marketing suddenly matter less if consumers are taking the "Zillow in ChatGPT" shortcut. No Other Options (Yet) Zillow is currently the only real estate app in ChatGPT. That monopoly position—even if temporary—gives them enormous leverage. When competitors like Redfin or Realtor.com eventually join, will ChatGPT suggest all options equally? Will developers pay for placement? The playing field isn't level yet. Consolidates Tech Power This partnership further cements Zillow's position as the consumer-facing brand of real estate. While lawsuits and controversies swirl, Zillow keeps innovating and staying top-of-mind. For agents trying to differentiate themselves or promote local alternatives, this makes an already tough battle even tougher.

The Bottom Line

The Zillow-ChatGPT integration isn't the end of real estate agents—but it is another evolution in how consumers search for homes. The good news? Agents still play a crucial role when buyers move from browsing to buying. The challenging news? The path to reach those buyers now flows through even more tech gatekeepers. Here's what smart agents should do:

If you're a Premier Agent: Embrace this as expanded reach and make sure your profile is optimized.
If you're not: Emphasize your local expertise, real-time MLS access, and personal service that no AI can replicate.
Everyone: Update your scripts. Be ready when clients say "I saw this on ChatGPT through Zillow." Have a confident answer about how you add value.
Stay visible everywhere: Don't put all your eggs in one basket. Build your presence across multiple platforms because the next integration drop could change everything again.

The agents who will thrive aren't the ones fighting AI—they're the ones figuring out how to use it, work alongside it, and remain the irreplaceable human element in the biggest financial decision most people ever make. After all, ChatGPT can't negotiate, can't read a room during a showing, and definitely can't reassure nervous first-time buyers at 10 PM that everything will be okay. That's still your job. And frankly, that's where the real value has always been. And, if you don't like it, everyone should have paid attention when the industry group you pay you money to (NAR) sold the ability to do this to Zillow. Jussayin.

What are your thoughts on the Zillow-ChatGPT integration? Drop a comment below or share how you're adapting your business to this new AI-powered reality.

What's up in Mortgage Today (PM) - 10/10/2025

Money
October 10, 2025

WTMS Blog Today = What's up in Mortgage Today (PM) - 10/10/2025 Japanese political upheaval and Federal Reserve commentary sparked overnight bond market gains that carried into today's trading session. Japan's ruling coalition collapsed after another party exited, reducing fears about central bank Treasury selling that had pressured bonds earlier this week. Fed Governor Waller's comments about weak employment and continued rate cuts provided additional fuel for the bond rally. Mortgage-backed securities recovered all of yesterday's losses with UMBS prices climbing 20-30 basis points by mid-morning. The 10-year Treasury yield dropped from yesterday's close of 4.14% to around 4.10%, helping improve pricing across all coupon classes. Rate sheets today are expected to match Wednesday's levels, which were the week's best offerings. Despite the impressive-sounding recovery, mortgage rates haven't actually moved significantly in three weeks - just small daily fluctuations up and down. The ongoing government shutdown continues to limit economic data releases, creating a muted trading environment. Tariff headlines provided an additional boost around 11:26 AM, pushing the 10-year yield down to 4.06%. Fed Governor Chris Waller finds himself increasingly concerned about labor market weakness, calling it "the punchline for policy." He believes job growth has likely been negative for recent months and supports quarter-point rate cuts at each remaining meeting this year. Waller is among five remaining candidates to replace Jerome Powell when his Fed Chair term expires in May. Mortgage credit availability increased to its highest level in four months according to the MBA, driven primarily by expanded ARM loan offerings. Banks are responding to the Fed's rate cutting cycle by offering more adjustable-rate products, which remain about 80 basis points cheaper than fixed-rate loans. This trend reflects how bank funding costs respond more quickly to Fed policy changes than traditional mortgage pricing. Locking vs Floating Risk and reward around lock-float decisions remain subdued during the government shutdown period. Risk-tolerant borrowers are waiting to see when delayed jobs reports will finally be released, as long as bonds don't lose significant ground. Today's rate sheets likely represent the week's best pricing, but loans wanting to capitalize should be aware that bonds could drift through the session. Today's Events No economic data scheduled due to government shutdown 10:00 AM: October Consumer Sentiment (preliminary) Bond Pricing UMBS 30 yr | Coupon | Price | Intra-Day Change | | 5.0 | 99.47 | 0.3 | | 5.5 | 100.98 | 0.24 | | 6.0 | 102.21 | 0.08 | GNMA 30 yr | Coupon | Price | Intra-Day Change | | 5.0 | 99.51 | -0.01 | | 5.5 | 100.82 | 0.1 | | 6.0 | 101.73 | 0.03 | Treasuries | Term | Yield | Price | Intra-Day Yield Change | | 2 yr | 3.529 | 99.945 | -0.067 | | 3 yr | 3.539 | 99.536 | -0.071 | | 5 yr | 3.657 | 99.855 | -0.077 | | 7 yr | 3.84 | 100.213 | -0.081 | | 10 yr | 4.062 | 101.533 | -0.078 | | 30 yr | 4.647 | 101.666 | -0.076 |

What’s up in Mortgage Today (AM) – 10/14/2025

admin2025-10-14T08:57:42-07:00October 14th, 2025|Week In Review|

Zillow + ChatGPT: Your New Best Friend or Competition?

admin2025-10-10T09:16:20-07:00October 11th, 2025|Money|

Zillow + ChatGPT: Your New Best Friend or Competition? The Big News Remember when you thought Google was your biggest lead generation challenge? Well, hold onto your lockboxes, because Zillow just became the first [...]

What’s up in Mortgage Today (PM) – 10/10/2025

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