Daily Market Update 2/19/13

Mortgage rates were little changed Tuesday in quiet trading.  No key economic data will be released today.  The Producer Price Index and minutes from last month's Fed meeting will be released on Wednesday.  The Consumer Price Index will come out on Thursday.

Daily Market Update 2/14/13

Mortgage rates were little changed Thursday in light trading.  This morning, weekly Jobless Claims fell to 341,000, well below expectations.  Stocks were mixed.  Results from today's 30-year Treasury auction will be released at 1:00 PM.

Daily Market Update 2/13/13

Mortgage rates inched higher Wednesday, continuing their upward trend.  In economic news, January Retail Sales rose 0.1%, matching expectations.  Import Prices increased 0.6%, mostly due to higher energy prices.  The Mortgage Bankers Association weekly purchase activity index fell 10%, while the refinancing activity index declined 6%.  Average reported 30-year fixed rates rose to 3.75% with 0.43 "points", the highest level since September.  Results from today's 10-year Treasury auction will be released at 1:00 PM.

Daily Market Update 2/8/13

Rates faced upward pressure Friday as a rally in stocks hurt mortgage-backed securities.  In economic news, the December Trade Deficit declined to $38.5 billion, much lower than expected.  Strength in exports accounted for much of the decrease, and will likely lead to an upward revision of fourth quarter GDP.  No other key data will be released today.

Daily Market Update 2/7/13

Rates held steady Thursday following the release of weaker than expected economic data.  Weekly Jobless Claims came in at 366,000, slightly above the consensus forecast of 360,000.  Fourth Quarter Productivity fell 2.0%, below expectations.  Stocks moved lower.  No other key data will be released today.

Daily Market Update 2/5/13

Rates inched higher Tuesday as extreme market volatility continued.  In a reversal of yesterday's activity, investors moved back into stocks, hurting bonds and mortgage-backed securities.  Stronger than expected economic data in Europe was the primary influence.  In the U.S., the Institute for Supply Management services index came in at 55.2, slightly higher than forecast.  Readings above 50.0 indicate expansion in the services sector of the economy.  No other key data will be released today.

Daily Market Update 2/4/13

Mortgage rates were little changed Monday following extremely volatile trading last Friday.  Friday's Employment Report for January initially boosted mortgage-backed securities (MBS) as the Unemployment Rate rose unexpectedly to 7.9%  Data released later in the morning, including the Institute for Supply Management manufacturing index, Consumer Sentiment, and Construction Spending all came in above forecast, causing stocks to rally and hurting MBS's.  This morning, Factory Orders rose 1.8%, slightly less than expected.  Stocks have moved lower, allowing MBS's to erase Friday's losses.  No other key data will be released today.