Daily Market Update 10/9/12

Mortgage rates held steady Tuesday.  Treasurys benefited from falling stock prices, but mortgage-backed securities were little changed.  With no key economic data scheduled for release today in the U.S., investors turned their focus to events in Europe.  Protests against austerity measures and a visit by German Chancellor Angela Merkel turned violent in Greece.  Meanwhile, the International Monetary Fund (IMF) cut its global growth forecast to 3.3% this year, from 3.5% estimated in July.  A deepening recession in Europe and increased economic uncertainty in the U.S. were cited in the reduction.

Daily Market Update 10/8/12

Bond markets are closed today in observance of Columbus Day.

Daily Market Update 10/5/12

Mortgage rates faced upward pressure Friday following the September Employment Report.  The economy added 114,000 jobs last month, slightly below forecast, although the Unemployment Rate fell unexpectedly to 7.8%, the lowest level since January 2009.  The Unemployment Rate is based on a survey of households, while the Payrolls data is based on information collected from businesses.  Average Hourly Earnings increased 0.3%, beating expectations.  Stocks moved higher.  No other key data will be released today.

Daily Market Update 10/4/12

Mortgage rates were little changed Thursday in quiet trading.  Weekly Jobless Claims came in at 367,000, close to forecast.  August Factory Orders fell by 5.2%, a bit less than expected, led by a sharp decline in Transportation orders.  Detailed Minutes from the September 13 FOMC meeting of the Fed will be released at 2:00 PM.  The closely-watched Employment Report will be released tomorrow at 8:30 AM.

Daily Market Update 10/3/12

Mortgage rates held steady Wednesday despite stronger than expected economic data.  This morning, payroll firm ADP estimated an increase of 162,000 private sector jobs last month, above the consensus forecast of 140,000.  The Institute for Supply Management services index came in at 55.1, beating expectations.  Readings above 50.0 indicate expansion in the services sector of the economy.  The Mortgage Bankers Association weekly purchase activity index rose 3.9%, while the refinancing activity index jumped 19.6%.  Average reported 30-year fixed rates fell to 3.53%, not including fees.  Investors are now looking ahead to Friday's Employment Report.

Daily Market Update 10/2/12

Mortgage rates were little changed Tuesday in quiet trading.  No key economic data will be released today.

Daily Market Update 10/1/12

Mortgage rates held steady Monday on mixed economic data.  This morning, the Institute for Supply Management manufacturing index came in at 51.5, beating expectations.  Readings above 50.0 indicate expansion in the manufacturing sector of the economy.  Construction Spending fell 0.6%.  An increase of 0.5% had been forecast.  No other key data will be released today.