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Daily Mortgage Stance

The shut down began as of 12:00am ET today after Congress failed to come to an agreement to fund the federal government. This is the 18th time since 1977 that some sort of government shutdown has occurred.

The shutdown, if continued, will affect some of the economic reports due out this week. Friday’s Jobs Report will most likely be delayed if a deal is not reached by tomorrow, but the Weekly Claims Report is expected to be delivered.

Over in the housing sector, CoreLogic reported that its Home Price Index showed a year-over-year increase of 12.4% from August 2012 to August 2013. The sector continues to receive positive news, but the month-over-month modest gains are more telling of this year’s late summer trend.

We continue to recommend a Floating stance. 

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