Daily Market Update 4/9/09

Interest rates rose Thursday as global stock markets rallied on a stronger than expected earnings report from banking giant Wells Fargo. February's Trade Gap narrowed unexpectedly, hitting a 9-year low, on weak demand for foreign goods. Several key economic reports are due out the middle of next week, including the Producer Price Index and Retail Sales data on Tuesday, and Wednesday's release of the Consumer Price Index, Industrial Production, and the Fed's Beige Book. The mortgage-backed securities market closes today at 2:00 PM et for the Easter Holiday. No new rates will be issued tomorrow.

Daily Market Update 4/8/09

Mortgage rates inched lower Wednesday following strong demand for the 3-year Treasury auction. Minutes from the March 18 FOMC meeting indicated Fed officials were concerned about the risk that economic growth will be slower than expected in the second half of 2009 and in 2010. Stocks rose modestly. Tomorrow, weekly Jobless Claims, the Trade Balance, and Import Prices will be released at 8:30 AM. There will be a 10-year Treasury auction at 1:00 PM.

Daily Market Update 4/7/09

Mortgage rates eased Tuesday morning as stocks fell for a second straight day. Investors remain concerned over a slew of earnings reports due out this week and next. Billionaire financier George Soros warned that the recent stock market rally would likely be temporary. General Motors appeared to be making preparations for a possible reorganization under Chapter 11 bankruptcy. No major economic reports will be released today. The market will be closed Friday for Easter Holiday.

Daily Market Update 4/6/09

Mortgage rates were little changed Monday. Stock prices fell sharply as investors anticipated weak quarterly earnings reports later this week. Bank shares were especially hard-hit. No economic data will be released today.

Daily Market Update 4/3/09

Mortgage rates inched higher Friday reflecting a decline in mortgage-backed securities prices late Thursday. Non-farm Payrolls data showed a net loss of 663,000 jobs last month, close to consensus. The Unemployment Rate jumped to 8.5%, matching expectations. Average Hourly Earnings, a proxy for wage growth, matched forecast, rising at a 3.4% annual rate. The Institute for Supply Management services index fell more than expected in March. Average 30-year fixed mortgage rates declined to 4.78% with 0.7 points according to Freddie Mac's weekly survey, the lowest level on record. No major economic data is scheduled for release next week.

Daily Market Update 4/1/09

Interest rates moved higher Thursday as global stock markets rallied on perceived progress in the G-20 meeting and news from the Financial Accounting Standards Board (FASB) of relaxed controversial "mark-to-market" accounting rules that have plagued banks and other financial firms. In economic news, Factory Orders rose 1.8% in March, exceeding forecast. Oil prices surged to nearly $52 per barrel. The dollar declined. Analysts are seeing strong indications the economy is no longer in free-fall and has begun to stabilize. Non-farm payrolls for March will be released at 8:30 AM Friday.

Daily Market Update 4/1/09

Mortgage rates held steady Wednesday following the release of stronger than expected economic data. Pending Home Sales increased 2.1% in February, driven by low interest rates and the $8,000 first-time homebuyer tax credit. The Institute for Supply Management manufacturing index rose in March. U.S. manufacturing is still declining, but at a slower pace than in February. Construction Spending fell 0.9%, beating consensus estimates of a 2% drop. While today's data continues to show a struggling economy, analysts are beginning to see signs of stabilization. Stocks moved modestly higher. Investors are now turning their focus to the single, most important report of the month, Friday's Non-farm Payrolls for March. The Unemployment Rate is expected to rise to 8.5% from last month's 8.1%. A larger increase could hurt stocks and help mortgage-backed securities.