Daily Market Update 9/10/08

Rates moved slightly higher Wednesday during another volatile session in the wake of the government bailout of Fannie Mae and Freddie Mac. Demand for mortgage-backed securities eased as stocks attracted capital from investors. Oil prices slid to $102 pb, while the dollar rose, approaching $1.40 against the euro. No economic reports were due for release today.

Daily Market Update 9/9/08

Mortgage rates inched lower Tuesday as traders continued to assess the impact of the government bailout of Fannie Mae and Freddie Mac. Sales of mortgage-backed securities surged Monday following the announcement, causing 30-year fixed rates to fall to around 6%. Pending Home Sales declined 3.2% in July. Stocks were lower. Investors are now turning their focus to Friday's release of Retail Sales data and the Producer Price Index. No other economic reports are due out today.

Daily Market Update 9/8/08

Mortgage-backed securities opened much higher this morning on news of the government takeover of Fannie Mae and Freddie Mac, resulting in the largest one-day drop in mortgage rates this year. While a conservator will have control over the two mortgage giants, day-to-day operations are expected to continue uninterrupted and with few changes. Stocks rallied in the US and abroad on the news. The dollar moved to its highest levels against the euro since last year. Oil continued its slide, reaching $105 pb.

Daily Market Update 9/5/08

The Unemployment Rate jumped to a five year high of 6.1% in August, helping to push mortgage rates to their lowest levels in 3 months. Non-farm Payrolls decreased by a larger than expected 84,000 last month. Stocks moved sharply lower on the report, extending yesterday's losses. The dollar strengthened, and has now risen 11% versus the euro in recent months. Oil prices dipped to $106 pb, representing a 28% decline since peaking in early July. Next week contains relatively little economic news until Friday's release of the Producer Price Index and Retail Sales data for August.

Daily Market Update 9/4/08

Mortgage rates improved Thursday as stocks slumped on weak economic news. Weekly Jobless Claims rose 15,000 to 444K, while several retailers reported sluggish sales. On a positive note, the Institute of Supply Management reported unexpected growth in the services sector of the economy in July. The dollar strengthened against the euro. Traders remain focused on tomorrow's release of the Employment Report for August.

Daily Market Update 9/3/08

Rates held steady Wednesday with little economic news scheduled for release. Factory Orders grew 1.3% in August, above consensus. Oil prices fell again today, reaching $107 per barrel, 27% below their July peak. Stocks were lower, the dollar higher.

Daily Market Update 9/2/08

Mortgage rates inched higher as stocks surged on falling oil prices. Crude oil plummeted to around $109 pb following lighter than expected damage from Hurricane Gustav. The ISM factory index showed a slight decline in US manufacturing last month. The Employment Report for August, due out Friday, will be closely watched by traders and may be a significant market mover. The dollar traded higher against the euro.