Mortgage Market Update 11/2/17

Rates inched lower Thursday ahead of the release of the GOP tax reform plan and President Trump’s announcement of his nominee for Federal Reserve Chair.  The National Association of Realtors (NAR) and the National Association of Home Builders (NAHB) have expressed opposition to Republican proposals to limit deductions for mortgage interest and real estate taxes, while increasing the standard deduction.  NAR is one of the most influential lobbying groups in the country.  In today’s economic news, weekly Jobless Claims fell to 229,000, slightly below forecast.  Third quarter Productivity rose to 3.0%, a bit higher than expectations.  President Trump is expected to nominate Jerome Powell, a current Fed governor, to succeed Janet Yellen as Fed Chair.  Powell is widely viewed as the candidate most likely to maintain continuity on interest rate policy of the Federal Reserve.

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