No published economic reports and no global catastrophes out there today. Mostly, we got nothing…that we might be able to turn into something. How about car maker stocks? General Motors beat third quarter earnings estimates and Ferrari’s IPO (yeah, the Italian car manufacturer went public today) is up 10% over the opening price this morning. That’s helping stocks rise marginally. Mortgage Bonds are also up a touch.
Concluding the most boring conference of the year, the Mortgage Bankers Association summarized the three day proceedings with an economic outlook for next year. The MBA expects the job market to increase in 2016, GDP to be 2.3%, and while interest rates will rise next year, the MBA says that they should remain below 5% for 30-year mortgage rates.
