Not much is happening today with markets being mostly flat to slightly higher. Anticipation for next week’s FOMC meeting may be holding back any investment moves.
Durable goods rose 3.7% in September which was above forecast. On the other hand, Consumer Sentiment fell to 73.2 which is the lowest since December 2012. Neither of these reports seem to be having any impact on stocks or bonds.
The Federal Housing Finance Agency (FHFA) announced yesterday that it will announce any changes in loan limits at the end of November, but these will not go into effect for at least six months. Right now, the conforming loan limit for Fannie Mae and Freddie Mac is $417,000 in most areas and up to $625,500 in higher priced locations.
Bonds have just about stalled, most likely because of next week’s Fed meeting. At this point, there doesn’t seem to be any expectation that the Fed’s will begin to taper MBS purchases which means that mortgage rates will remain in the low range for the rest of the year. With no major movement in MBS today, mortgage rates remain flat.
Check back tomorrow to get the newest rate updates!