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FIRST TEAM’S WEEKLY MORTGAGE WATCH (October 31st, 2016) THIS WEEK HIGHLIGHTS THE FOLLOWING UPDATES:
- Mortgage rates continued to meander last week with mixed economic news.
- Consumer Confidence slipped lower than expected. However, markets reacted tentatively to the news as people get bogged down as we close into a major election.
- The week ended with a better-than-expected showing for GDP. The first estimate for the third quarter came in at 2.9%. However, that number will be revised two more times, and considering the softness seen later in the quarter, it could be adjusted downward.
- The Fed meets this week to discuss monetary policy during a week packed with important economic data.
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