Daily Market Update 5/11/10

Mortgage rates were steady, to slightly lower Tuesday, as global stock markets retreated from yesterday's strong gains. Investors are awaiting further details on the $1 trillion European Union bailout plan. No economic data will be released today, but there will be a 3-year Treasury auction at 1:00 PM.

Daily Market Update 5/10/10

Mortgage rates were relatively stable Monday considering the surge in stock prices. Rates benefited last week when stocks fell sharply as investors moved funds from stocks into Treasuries and mortgage-backed securities. Today stocks rallied after the European Union announced plans to make $1 trillion available to support Greece and other EU members. In other news, Fannie Mae asked the government for another $8.4 billion after reporting a $13.1 billion loss in the first quarter. Last week Freddie Mac requested $10.6 billion. The two mortgage giants have now received $140 billion in government assistance. No economic data will be released today.

Daily Market Update 5/7/10

Mortgage rates inched lower Friday in extremely volatile trading following stronger than expected jobs data and continued turmoil in stocks. The economy added 290,000 jobs in April, about 100,000 more than forecast. Meanwhile, the Unemployment Rate, which is calculated on a separate set of data, increased to 9.9% as the labor force grew by 805,000 workers in April. Average Hourly Earnings, a proxy for wage growth, increased at a modest 1.6% annual rate. In other news, global stock markets continued their slide on concerns over the European debt crisis. The Dow Jones Industrial Average has now given up all gains for 2010. Next week will be relatively quiet in terms of new economic data, with the exception of Friday's release of April Retail Sales figures and Industrial Production. The Treasury will hold large auctions of 3-, 10-, and 30-year securities beginning Tuesday.

Daily Market Update 5/6/10

Rates were little changed Thursday as weekly Jobless Claims came in close to forecast. First quarter Productivity rose at a 3.6% annual rate, better than expected. Stock prices continued to slump on concerns over Greece and other members of the European Union. The closely-watched Employment Report for April will be released tomorrow at 8:30 AM.

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Daily Market Update 5/5/10

Mortgage rates dipped Wednesday as concerns about riots in Greece and debt problems for other European countries caused a large decline in global stock markets. Investors shifted funds to safer assets, which helped mortgage-backed securities. Today's economic data had little impact on markets. March Pending Home Sales rose 5.3% from February, aided by homebuyer tax credits. The index is a leading indicator for the housing sector. Contracts had to be signed by April 30 to qualify for the credit, so May activity will be watched closely by analysts. The Institute for Supply Management services index was unchanged for April. A small increase had been expected. No other data will be released today.

Daily Market Update 5/3/10

Rates held steady Monday as mortgage-backed securities gave up gains that occurred late Friday. In economic news, March Personal Income increased 0.3%, matching forecast. Construction Spending rose 0.2%, better than expected. The Institute for Supply Management manufacturing index reading came in at 60.4, close to the consensus forecast. Readings above 50.0 indicate expansion. Stocks moved higher. No other data will be released today.