Mortgage rates rose this week as progress surrounding the Brexit negotiations helped push rates to their highest levels in over a month. After the trade war and economic data reports hogged the spotlight in recent months, Brexit talks have taken back center stage as the U.K. government has, to the surprise of many, managed to achieve meaningful progress in the talks.
After weeks of uncertainty, the prospects of a "no deal" Brexit – which many believe would have severely detrimental impacts on the global economy – have gotten slimmer in recent weeks. This positive news has helped offset the disappointment from a stall in U.S.-China trade talks after news of a preliminary deal earlier this month. Looking ahead, the market's attention is likely to shift back to macroeconomic developments in the coming week, particularly two crucial readings on consumer sentiment, third quarter GDP and, most importantly, next Wednesday's October Fed meeting.
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