Video Transcript
We are entering the third week of the U.S. government shutdown and although mortgage rates are down, they're getting close to their lowest levels in two-and-a-half, three years. It's not necessarily a good time in mortgage. This morning, the Consumer Confidence Index just didn't release. It's not even a government reading. It's private through the Confidence Board. No data. And the Consumer Price Index, a key inflation gauge. That didn't release either last week. Add that to the jobs report and remember that the Federal Reserve is meeting later this month and won't have key data. Add HUD laying off 400-plus workers and you've got a mess with everyday Americans and their finances and the housing market all taking collateral damage. Not to mention the USDA, not closing mortgages for anyone anywhere which creates a Trickle Down Effect because sellers can't sell so they cancel their contracts and don't become buyers which means another seller can't become a buyer and so on. Not a good situation. I'm Dan with Homebuyer.com. Happy homebuying.
Mortgage Closings Are Being Canceled As Shutdown Enters 3rd Week
The U.S. government shutdown is entering its third week, causing mortgage closings to be canceled as key economic data goes unreleased. The USDA has halted mortgage processing, further impacting the housing market and leading to a ripple effect on sales contracts.
Video Transcript
We are entering the third week of the U.S. government shutdown and although mortgage rates are down, they're getting close to their lowest levels in two-and-a-half, three years. It's not necessarily a good time in mortgage. This morning, the Consumer Confidence Index just didn't release. It's not even a government reading. It's private through the Confidence Board. No data. And the Consumer Price Index, a key inflation gauge. That didn't release either last week. Add that to the jobs report and remember that the Federal Reserve is meeting later this month and won't have key data. Add HUD laying off 400-plus workers and you've got a mess with everyday Americans and their finances and the housing market all taking collateral damage. Not to mention the USDA, not closing mortgages for anyone anywhere which creates a Trickle Down Effect because sellers can't sell so they cancel their contracts and don't become buyers which means another seller can't become a buyer and so on. Not a good situation. I'm Dan with Homebuyer.com. Happy homebuying.
