No Budget Deal

Congress failed to reach a budget deal for the new fiscal year, causing a partial government shutdown for the first time in 17 years. The impact on mortgage rates was surprisingly small, though. The reduced number of economic reports released this week also caused little reaction. Mortgage rates ended the week a little lower. While…

Focus is on Congress

The lack of progress in Congress on reaching an agreement on the budget and the debt ceiling was the focus for investors this week. The resulting uncertainty caused investors to shift to safer assets, which helped mortgage rates end the week lower. After a week filled with market moving comments from Congressional leaders, the Republicans…