Daily Market Update 11/6/12

Rates faced upward pressure Tuesday as a rally in stocks pushed mortgage-backed securities lower.  No key economic data will be released today.  Results from today’s 3-year Treasury auction will be released at 1:00 PM.  Investors are mainly focused on today’s election.  The outcome will have profound impact on the mortgage and housing industries, affecting the regulatory environment, the future of Fannie Mae, Freddie Mac, and FHA, Federal Reserve and Treasury leadership, and mortgage interest rates.  With the two major candidates in a statistical tie, voter turnout will likely determine the outcome.  Please vote (or don’t complain about the winner)!

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