Daily Market Update 9/27/13

Mortgage rates trended lower Friday as lack of progress in debt ceiling negotiations hurt stocks and boosted mortgage-backed securities.  This morning, the August Core PCE index, the Fed’s preferred measure of inflation, rose 0.1%, matching forecast, and was just 1.2% higher than one year ago.  Personal Income increased 0.4%, in line with expectations.  Consumer Sentiment came in at 77.5, a bit higher than expected.  The Federal Housing Administration (FHA) announced it will need $1.7 billion from the Treasury to help cover losses on its reverse mortgage program for seniors.  No other key data will be released today.

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