In an unprecedented and unexpected reversal, Donald Trump (R) becomes the 45th president of the United States after most polls and various political sites had him losing the election to Hillary Clinton (D). Mr. Trump, who has never held a public office, will now take on the daunting task of steering the U.S. economy into greener pastures. The results of the election sent shock waves throughout the global financial markets. Late Tuesday night, the Dow Jones Industrial stock futures were implying that the index would open lower by 800 points on Wednesday morning. However, the U.S. Stock markets are trading higher this morning as volatility takes center stage.

The Mortgage Bankers Association (MBA) reports that mortgage rates edged higher in the latest week and have trended higher for the past five weeks. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to its highest level since June 2016, at 3.77% from 3.75%. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) also increased to its highest level since June 2016, at 3.75% from 3.74%. The MBA also reported that mortgage application volume slid 1.2% last week.

Analytics firm CoreLogic reported on Tuesday that completed foreclosures edged higher in September, though foreclosure inventory declined. Completed foreclosures rose 5.2% from August to September rising to 36,000 from 34,000. From September 2015 to September 2016, completed foreclosures decreased by 7%. "The decline in foreclosures is one of the drivers in the drop in vacancies, which is positive for homeowners and communities," said CoreLogic President and CEO Anand Nallathambi. "Heading into 2017 we see that prices, performance and production - the three most important drivers of the real estate market - are all improving."