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BofA ECONOMIC VIEW FOR THIS WEEK
BofA'S THIS WEEK'S ECONOMIC VIEW
 
October 2, 2013
Last Week in Review 

Table Source: Mortgage Success Source

Hopes are riding high that our leaders on Capitol Hill will be able to reach an agreement toward a resolution on the debt ceiling debate and budget battle. Read on to learn what this could mean for home loan rates.
Congress continues to debate whether to raise the debt ceiling, which is now at $16.7 trillion. Although the debt limit deadline was technically October 1, the Treasury Department has said that it has enough funding to operate as usual until October 17. Failure to raise the debt limit by October 17 would most likely lead to an unprecedented default on the United States’ bills.
The uncertainty over this issue helped mortgage bonds improve last week, as investors moved their money to safer investments like bonds as they often do in times of uncertainty. Since home loan rates are tied to mortgage bonds, this also helped home loan rates improve last week.
In housing news, Case Shiller reported that its 20-City Home Price Index for July rose by 12.4 percent compared to July 2012. This is the fastest annual pace since 2006. However, from June ... more

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