October 16th, 2013 10:01 AM by Gary Schiller
The stock market is poised to open higher this morning based on optimism that the Senate will forge a debt ceiling deal to be presented to the house today. Bond prices are down slightly but basically unchanged from yesterday’s levels.
Weekly purchase applications released today by the Mortgage Bankers’ Association for theweek ending October 11, 2013 show that Purchase applications fell by 5.0%. This reduction is a concern, but I believe that it is a direct result of the turmoil created by the Government shutdown, and the Debt Ceiling talks.