MBA Mortgage Applications increased 0.3% last week after a 1.3% rise the prior week. Purchases fell 4.8% while refinances rose 3.3%. The average 30-Year fixed rate mortgage was 4.46%, up 4 bps w/o/w.
Overnight, the marketsold-off on very light volumes as news, the Senate was close to finalizing a deal that would re-open the Government until January 15th as well as lift the debt ceiling until February 7th. This partial fix would allow both sides to further develop a long term plan as the October 17th deadline approaches. As we've mentioned previously, tomorrow is not when the Government runs out of money but marks the date when "extraordinary measures" are exhausted and most likely means there will not be enough money in the coffers to pay the bills due on November 1st . TheNAHB Housing Index came in at 55 vs. 57 expected.
At 11:00 AM EST there is a USTbuyback in the 2/36-8/43 sector.
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