Kansas City, MO, and Washington, DC – It’s a high-stakes week for both sports fans and the American public, as the Kansas City Chiefs clinch a nail-biting overtime victory and Election Day 2024 keeps markets in suspense. With Americans voting to determine the nation’s 47th president and congressional seats, financial markets and mortgage rates have seen significant shifts as the nation watches the results roll in.
Chiefs Recap: In a thrilling overtime performance, Patrick Mahomes led the Chiefs to a 30-24 win over the Tampa Bay Buccaneers, marking Kansas City’s 14th consecutive victory. Mahomes threw three touchdown passes, including the game-winner, to keep the Chiefs’ perfect record alive. Star tight end Travis Kelce impressed fans—especially with pop icon Taylor Swift watching from the stands—while DeAndre Hopkins celebrated his first Chiefs touchdown in style. For the Buccaneers, Baker Mayfield rallied with a strong finish, coming just two points short in regulation.
Election Market Mayhem: The election season has set the bond market on a rollercoaster ride. Election odds have been pushing yields higher, though market uncertainty caused midday fluctuations. For prospective homebuyers and those considering refinancing, these rate swings mean a pivotal period for mortgage decisions, as shifts in bond yields directly affect mortgage rates.
Election Night Highlights:
As of today, polls in key battleground states, such as Georgia and North Carolina, are closing, with early results anticipated.
The balance of power in the Senate is up for grabs, with high-stakes races in Montana, Ohio, and Arizona.
While early poll numbers show Vice President Harris with a slight national lead, the race remains too close to call, keeping the nation on edge.
Market & Rate Updates Today:
9:48 AM: Early morning rally on election anticipation pushed the 10-year Treasury yield down to 4.281%.
11:21 AM: Rates steadied with mortgage-backed securities (MBS) up 1/4 point, holding the 10-year Treasury yield at 4.301%.
4:08 PM: Rates began to rebound, with MBS up 9 ticks and the 10-year Treasury yield stabilizing at 4.297%.
With election-driven volatility continuing, those considering buying or selling should keep an eye on further updates, as shifts in bond and mortgage rates will have a direct impact. This week’s excitement from Chiefs touchdowns to election uncertainty has highlighted the thrilling highs and lows on and off the field. Stay tuned for continuous updates in both the sports world and financial markets.
