Please enjoy this quick update on what happened this week in the housing and financial markets.

• The Fed meets next week for the last FOMC meeting of the year. A policy rate cut is not expected, but markets will be looking for signs of what may happen in 2020.

• Trade talks with China continue on a 'phase one' deal. A trade deal is expected to boost the global economy, and a deal announcement could pressure mortgage rates higher.

• The trade deficit dropped to its lowest level in nearly 1-1/2 yrs in October, suggesting trade could contribute to economic growth and higher rates in the 4th quarter.

• Federal regulators expressed cautious optimism on the use of alternative credit models to expand access to credit and enable consumers to obtain more favorable rates and terms.

• CoreLogic reports that October house prices were up 3.5% year-over-year. Prices increased month-over-month by 0.5%.

• NAR forecasts the possibility of record low housing inventory in 2020. A shortage could lead to higher prices and make it even more challenging for buyers to find a home.