Daily Market Update 10/7/13

Mortgage rates inched lower Monday as little progress was evident in resolving the government shutdown.  The debt ceiling impasse is a much more serious issue as failure to resolve the matter in the next 10 days would likely have significant negative economic repercussions.  Both sides seem to be unwilling to compromise their positions at this point.  Stocks moved sharply lower, boosting mortgage-backed securities.  No key economic data will be released today.

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