The Commerce Department reported housing starts increased slightly in September, however, building permits, a proxy for new construction decreased. It seems there is much uncertainty whether or not the housing market is stabilizing.
The U.S. Treasury market is trading flat from the close on Monday, however, stocks are trading lower as Bank of America announced a third quarter loss of $7.3 billion and China, in a surprise move, raised its benchmark lending rate—its version of the Fed funds rate.
Mortgage prices are steady from Monday’s rate sheet.
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