http://MikesDailyMarketReport.com: The Case Shiller HPI improved from 3.1% YoY in July to 3.2% YoY in August. This is a direct correlation, as to when interest rates began to dip, which helped Housing Prices. The Consumer Confidence Index dropped a little, from 126.3 to 125.9 in October. Pending Home Sales continue to improve, as it increased 1.5% in October from the previous month. Stocks are trading in Mixed Territory, as NASDAQ is alone in the Red this morning. Q3 Corporate Earnings Reports continue to dictate the Markets. Today is the start of the FOMC's 2 day meeting, which they will provide their statement tomorrow at 11:15am PST. It is widely expected they will cut the Fed Funds Rate by 0.25% for the 3rd consecutive meeting. MBS rebounded slightly to +2bps. Yesterday, it closed higher than it's lows. Coupled with that improvement, Mortgage Rates will see a slight improvement in their pricing today. Yields are still hanging around the 1.85% level.
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