Daily Market Update 3/2/12

Mortgage rates were stable, to slightly lower this morning in quiet trading.  No economic data will be released today.  The big news next week will be Friday's Employment Report for February.  Also next week, the Institute for Supply Management services index and Factory Orders will come out on Monday, Productivity will be released on Wednesday.

Daily Market Update 3/1/12

Mortgage rates inched higher Thursday as investors continued to react to yesterday's comments from Fed Chairman Ben Bernanke.  In economic news, January Core PCE price index, the Fed's preferred measure of inflation, was 1.9% higher than one year ago.  Personal Income increased 0.3%, close to expectations.  Weekly Jobless Claims held steady at 351,000, slightly below forecast.  The Institute for Supply Management manufacturing index fell unexpectedly to 52.4 from 54.1.  Readings above 50.0 indicate expansion in the manufacturing sector.  Construction Spending declined by 0.1%.  An increase of 1.0% had been forecast.  No other key data will be released today.

Daily Market Update 2/29/12

Mortgage rates faced upward pressure Wednesday following comments by Fed Chairman Ben Bernanke.  In prepared testimony before the House Financial Services Committee, Bernanke said the recent rise in gasoline prices "is likely to push up inflation temporarily", although he indicated that monetary stimulus by the Fed remains warranted, and that inflation is likely to "remain subdued" in the longer term.  In economic news, fourth quarter GDP was revised higher to 3.0% from 2.8%.  The Chicago Purchasing Managers Index jumped to 64.0, beating forecast.  The Mortgage Bankers Association weekly purchase activity index rose 8.2%, while the refinancing activity index fell by 2.2%.  Average reported 30-year fixed rates declined to 4.07%, not including fees.  The Beige Book, a survey of economic activity by the Fed's 12 regional banks, will be released at 2:00 PM.

Daily Market Update 2/28/12

Mortgage rates held steady Tuesday following the release of mixed economic data.  January Durable Goods Orders tumbled 4.0%, below the consensus forecast for a decline of 1.0%, and the largest decrease since January 2009.  Consumer Confidence rose to 70.8, beating expectations.  The S&P/Case-Shiller 20-city home price index was 4.0% lower than one year ago.  No other key data will be released today.

Daily Market Update 2/27/12

Mortgage rates were little changed Monday in quiet trading.  In economic news, the National Association of Realtors reported Pending Home Sales increased 2.0% in January, beating forecast.  The data had little impact on mortgage-backed securities, as December sales figures were revised lower.  No other key data will be released today.

Daily Market Update 2/23/12

Mortgage rates were little changed Thursday.  Weekly Jobless Claims came in at 351,000, slightly below the consensus forecast of 355,000.  Results from today's 7-year Treasury auction will be released at 1:00 PM.

Daily Market Update 2/22/12

Rates held steady Wednesday as mortgage-backed securities recovered from losses sustained late Tuesday.  In economic news, Existing Home Sales rose by 4.3% to 4.57 million annual units, below expectations.  The National Association of Realtors reported a 2% drop in the median home price in January to $154,700, the lowest level since November 2001.  The Mortgage Bankers Association weekly purchase activity index fell 2.9%, while the refinancing activity index declined by 4.8%.  Average reported 30-year fixed rates rose to 4.09%, not including fees.  The rare combination of low home prices and historically low interest rates have boosted home sales in recent months, particularly among investors and first-time buyers.  Results from today's 5-year Treasury auction will be released at 1:00 PM.