Daily Market Update 12/11/12

Mortgage rates were little changed Tuesday.  Stock prices rallied as Greece reached a debt buyback goal which was required to receive its next aid payment.  In the U.S., the Trade Deficit came in slightly lower than expected.  The Fed begins a two day meeting of the Federal Open Market Committee to discuss monetary policy.  Results from today's 3-year Treasury auction will be released at 1:00 PM.

Daily Market Update 12/10/12

Mortgage rates held steady Monday in quiet trading.  Investors are mostly looking ahead to Wednesday's Fed meeting.  No key economic data will be released today.

Daily Market Update 12/7/12

Rates inched higher Friday as stronger than expected employment data caused a decline in mortgage-backed securities.  The economy added 146,000 jobs in November, but the data from prior months was revised lower by 49,000.  The Unemployment Rate fell to 7.7%, the lowest level since December 2008, however the majority of the decline was due to workers leaving the labor force.  Average Hourly Earnings, a proxy for wage growth, rose 0.2%.  Consumer Sentiment fell sharply to 74.5, far below expectations.  The biggest economic event next week will be the two-day Fed meeting that will wrap up on Wednesday.  Investors will also remain focused on budget negotiations in Washington.  No other key data will be released today.

Daily Market Update 12/6/12

Rates remained near record lows Thursday ahead of tomorrow's Employment Report.  This morning, weekly Jobless Claims fell to 370,000, below the consensus of 380,000.  The European Central Bank (ECB) made no change in rates, as expected, but downgraded its forecast for 2013 GDP growth.  No other key data will be released today.

Daily Market Update 12/5/12

Rates were little changed Wednesday in quiet trading.  This morning, payroll firm ADP forecast private sector job growth of 118,000 in November, slightly below expectations.  Third quarter Productivity was revised higher to 2.9%, while unit labor costs fell by 1.9%.  Increased output per worker at a lower cost is good for the economy as a whole, but makes it more challenging for those seeking employment.  The Institute for Supply Management services index rose to 54.7, beating expectations.  Readings above 50.0 indicate expansion in the services sector of the economy.  Stocks were mixed.  No other key data will be released today.

Daily Market Update

Mortgage rates were unchanged Tuesday morning as no key economic data will be released today.  Investors are focusing on "fiscal cliff" negotiations in Washington, where there have been no new developments.

Daily Market Update 12/3/12

Mortgage rates held steady Monday on mixed economic data.  This morning, Construction Spending rose 1.4%, beating expectations.  The Institute for Supply Management manufacturing index fell to 49.5, short of forecast.  Readings below 50.0 indicate contraction in the manufacturing sector.  In Europe, Germany indicated that they might accept principal reductions on Greek debt and Spain formally requested funds to recapitalize its banks.  No other key data will be released today.