Daily Market Update 12/17/10

Mortgage rates inched lower Friday as mortgage-backed securities stabilized for the first time this week. As expected, Congress passed the new tax deal last night. The news had already been priced in, so there was little reaction by investors. Leading Indicators rose 1.1% in November, the most in 8 months, but slightly below expectations. Next week will be relatively quiet in terms of new economic data. Existing Home Sales figures will come out on Wednesday, New Home Sales on Thursday. Durable Goods Orders will also be released on Thursday. The market will be closed next Friday. No other data will be released today.