Daily Market Update 4/29/11

Rates were little changed Friday as new economic data came in close to expectations.  The March Core PCE price index rose 0.1% from February and was a tame 0.9% higher than one year ago.  Personal Income increased 0.5%.  The Chicago PMI manufacturing index declined to 67.6, below forecast.  Consumer Sentiment fell slightly to 68.9 from 69.6.  No other data will be released today.  The big news next week will be Friday's Employment Report.  The Institute for Supply Management manufacturing index will come out on Monday.

Daily Market Update 4/28/11

Mortgage rates moved lower Thursday following the release of weaker than expected economic data. First quarter Gross Domestic Product (GDP) showed that the economy grew at a 1.8% annual rate, slightly below forecast. Weekly Jobless Claims rose to 429,000, well above expectations, and the third consecutive week above 400,000. Pending Home Sales increased by 5.1% in March, much better than expected. Results from today's 7-year Treasury auction will be released at 1:00 PM.

Daily Market Update 4/27/11

Mortgage rates were little changed Wednesday. Mortgage-backed securities gave back yesterday's late gains in early trading ahead of this afternoon's Fed announcement and Chairman Ben Bernanke's first-ever press conference. The Fed will wrap up its two-day FOMC meeting and release a statement at about 12:15. The press conference will begin at 2:15. In economic news, March Durable Orders rose 2.5%, above the consensus forecast. A weaker dollar has made exports cheaper abroad, which has helped the US manufacturing sector. Results from today's $35 billion 5-year Treasury auction will be released at 1:00 PM. The Mortgage Bankers Association weekly purchase activity index fell by 14%, while the refinancing activity index declined by 1%. Average reported 30-year fixed rates last week fell to 4.80%.

Daily Market Update 4/26/11

Mortgage rates inched lower Tuesday on mixed economic data. April Consumer Confidence rose to 65.4 from 63.4 in spite of higher gas prices, beating expectations. The February S&P/Case-Shiller 20-city home price index declined by 0.2% from January and was 3.3% lower than one year ago. Results from today's $35 billion 2-year Treasury auction will be released at 1:00 PM.

Daily Market Update 4/25/11

Rates held steady Monday ahead of this week's Fed meeting. The Federal Open Market Committee (FOMC) of the Federal Reserve will meet on Wednesday to discuss monetary policy. Fed Chairman Ben Bernanke will hold a first-ever press conference after the meeting to discuss the Fed's announcement. Investors will be watching closely. In economic news, New Home Sales rose 11% to 300,000 annual units, beating expectations. No other key data will be released today.

Daily Market Update 4/21/11

Rates held steady Thursday following the release of mixed economic data. Weekly Jobless Claims declined to 403,000, but remained above 400,000 for the second consecutive week, and well above the consensus forecast of 390,000. Leading Indicators rose by 0.4%, slightly better than expected. The Philadelphia Fed Index, a survey of manufacturers in Pennsylvania, New Jersey, and Delaware, fell to 18.5, below expectations. Mortgage markets will close early today and will remain closed tomorrow in observance of Good Friday. No other key data will be released today.

Daily Market Update 4/20/11

Mortgage rates were largely unchanged Wednesday as mortgage-backed securities recovered from early losses. Existing Home Sales rose 3.7% in March to a 5.1 million annual rate, slightly above expectations. The Mortgage Bankers Association weekly purchase activity index rose by 10%, the first gain in over a month, while the refinancing activity index increased by 3%. Average reported 30-year fixed rates for last week fell to 4.83%, not including fees. No other economic data will be released today.

Daily Market Update 4/19/11

Rates inched lower Tuesday reflecting a late rally in mortgage-backed securities markets yesterday. In economic news, Housing Starts rose to 549,000 annual units, beating forecast. No other key economic data will be released today.

Daily Market Update 4/18/11

Mortgage rates were little changed Monday. Ratings agency Standard & Poor's downgraded the outlook for US debt to "negative" from "stable" this morning on concerns that "policy makers might not reach an agreement on how to address medium- and long-term budgetary challenges by 2013". Stocks and the dollar fell sharply, while gold prices hit a new record high. No economic data will be released today.

Daily Market Update 4/15/11

Rates improved slightly Friday following the release of the Consumer Price Index (CPI) inflation report. March CPI rose 0.5%, matching forecast, but the "core" CPI, which excludes food and energy, rose a tame 0.1%, less than expected. March Industrial Production increase by 0.8% from February, beating expectations. Capacity Utilization rose to the highest level since August 2008. Consumer Sentiment increased to 69.6 from 66.0. A small decrease had been expected. No other key economic data will be released today.

Daily Market Update 4/14/11

Mortgage rates eased slightly Thursday following yesterday's late rally in mortgage-backed securities. In economic news, weekly Jobless Claims rose to 412,000, above the consensus forecast of 385,000. The March Producer Price Index (PPI) increased by 0.7% from February, and was 5.8% higher than one year ago. Core PPI, which excludes volatile food and energy components, rose 0.3% for the month, slightly above expectations. Stocks moved lower. Results from today's 30-year Treasury auction will be released at 1:00 PM.

Daily Market Update 4/13/11

Mortgage rates were little changed Wednesday. In economic news, March Retail Sales rose 0.4%, close to forecast. The Mortgage Bankers Association weekly purchase activity index fell by 5%, while the refinancing activity index decreased by 8%. Average reported 30-year fixed rates rose last week to 4.98%, not including fees. Results from today's 10-year Treasury auction will be released at 1:00 PM. The Beige Book, a survey of economic activity by the 12 regional Federal Reserve Banks, will be released at 2:00 PM.

Daily Market Update 4/12/11

Rates inched lower Tuesday as weakness in the stock market boosted bonds and mortgage-backed securities. In economic news, the February Trade Balance came in close to expectations. March Import Prices, excluding oil, rose 0.6%. Results from today's 3-year Treasury auction will be released at 1:00 PM.