Daily Market Update 10/20/17

Mortgage rates moved higher Friday as the Senate voted in favor of a budget plan which increases the likelihood of tax reform.  If enacted as proposed, tax reform is expected to raise the federal deficit and boost economic growth, both of which could lead to increased inflation.  Stocks moved sharply higher, further pressuring mortgage-backed securities.  In economic news, the National Association of Realtors reported September Existing Home Sales rose to 5.39 million units, beating expectations.  No other key data will be released today.

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