Daily Market Update 10/17/08

Rates inched lower Friday following a spate of gloomy economic reports. September Housing Starts fell to 817K, far below consensus, reaching their lowest levels since 1991. Building Permits, a leading indicator, fell to 786K. Consumer Sentiment fell to its lowest reading in the 30 year history of the index. Mortgage rates peaked on Wednesday after having risen by about 1% over the previous 10 days, and have since fallen about .5%. The drop provides an opportunity for anyone floating the rate on a pending loan to lock in. Stocks are now modestly higher after having fallen sharply at the open.

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