Daily Market Update 7/20/11

Mortgage rates were little changed Wednesday.  In economic news, the National Association of Realtors reported that Existing Home Sales fell 0.8% in June to the lowest level since November.  An increase of 2.9% had been expected.  No other key data will be released today.

Daily Market Update 7/13/11

Rates held steady Wednesday ahead of Fed Chairman Bernanke's testimony before the House Financial Services Committee.  This morning, June Import Prices declined by 0.5% from May, largely due to lower oil prices.  The Mortgage Bankers Association weekly purchase activity index fell by 3%, while the refinancing activity index dropped by 6%.  Average reported 30-year fixed rates declined to 4.55% last week, not including fees.  Results from today's 10-year Treasury auction will be released at 1:00 PM.

Daily Market Update 7/12/11

Mortgage rates were little changed Tuesday.  In economic news, the May Trade Deficit increased to $50.2 billion, well above the consensus forecast of $44.0 billion, and to the highest level since October 2008.  Minutes from last month's FOMC meeting of the Fed will be released at 2:00 PM.  Results from today's $32 billion 3-year Treasury auction will be released at 1:00.

Daily Market Update 7/11/11

Rates moved lower Monday on renewed concerns that Italy may experience debt problems similar to those seen in Greece.  The resulting flight to safety hurt stocks and boosted bonds and mortgage-backed securities.  Rates improved Friday following a much weaker than expected Employment Report for June.  This week, investors will be closely watching budget talks in Washington, DC as the August 2nd deadline for default draws near.  Fed Chairman Ben Bernanke will be testifying before Congress on Wednesday.  Retail Sales and the Producer Price Index will be released on Thursday, the Consumer Price Index will come out on Friday.  No key data will be released today.

Daily Market Update 7/7/11

Rates moved higher Thursday following the release of stronger than expected employment data.  This morning, payroll firm ADP estimated a net gain of 157,000 private sector jobs in June, far above forecast.  Weekly Jobless Claims fell to 418,000.  The European Central Bank (ECB) raised rates to fight inflation, as expected.  Stocks moved higher.  No other key data will be released today.

Daily Market Update 7/6/11

Rates inched lower Wednesday as mortgage-backed securities extended a rally following the downgrade of Portugal's debt yesterday.  China raised rates this morning to fight inflation, its fifth increase in recent months.  The Institute for Supply Management services index fell to 53.3, below expectations.  Readings above 50.0 indicate expansion in the services sector of the economy.  The Mortgage Bankers Association weekly purchase activity index rose by 5%, while the refinancing activity index fell by 9%.  Average reported 30-year fixed rates for the week ending July 1 rose to 4.69%, not including fees.  No other data will be released today.

Daily Market Update 7/5/11

Rates held steady Tuesday after having risen by about 1/4% last week.  Investors will be focusing on this Friday's Employment Report for June.  In economic news, Factory Orders rose 0.8% in May, a bit less than expected.  No other key data will be released today.