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Mortgage Bonds begin the week in the same sideways pattern that began last Wednesday with no clear catalyst to move prices ahead of Wednesday’s FOMC monetary policy statement.
In housing news, Pending Home Sales declined by more than expected in September. The drop was due in part to declining affordability, higher home loan rates and consumer uncertainty surrounding the government shutdown.
The rest of the week features a packed economic calendar with readings on consumer spending, wholesale and consumer inflation, housing, manufacturing and jobs data. In addition, the Treasury will be selling a total of $96B in 2, 5 and 7 year Notes.
I am recommending to Cautiously Float your mortgage rate headed into Wednesday’s Fed statement, which is set to be released around 2:00pm ET. If anything changes, I will get back to you.
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