Daily Market Update 10/28/14

Mortgage rates were little changed Tuesday as the Fed began its two-day FOMC meeting to discuss monetary policy.  In economic news, September Durable Goods Orders fell 1.3%, well below the consensus forecast for a 0.7% increase.  Consumer Confidence surged to 94.5, beating expectations.  The S&P/Case-Shiller 20-city home price index declined 0.1% in August, and was 5.6% higher year-over-year.  Both figures came in a bit under forecast.  The combination of lower home prices and lower interest rates may present some buying opportunities and increase housing affordability.  Results from today’s 2-year Treasury auction will be released at 1:00 PM.  The Fed announcement will come out tomorrow around 2:00 PM.

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