Daily Market Update 9/11/13

Mortgage rates were little changed Wednesday in quiet trading.  This morning, the Mortgage Bankers Association weekly purchase activity index declined by 3.0%, while the refinancing activity index plummeted 20.2%.  The combined index reached its lowest level since November 2008.  Average reported conventional 30-year fixed rates increased to 4.80%, not including fees.  Results from today's 10-year Treasury auction will be released at 1:00 PM.

Daily Market Update 9/10/13

Mortgage rates held steady Tuesday while stocks rallied on stronger than expected economic data in China.  No key economic data will be released in the U.S. today.  Results from today's 3-year Treasury auction will come out at 1:00 PM.

Daily Market Update 9/9/13

Rates inched lower Monday as the rally in mortgage-backed securities continued following Friday's weaker than expected Employment Report.  No key economic data will be released today.

Daily Market Update 9/6/13

Rates moved lower Friday following weaker than expected employment data.  The economy added 169,000 jobs in August, a bit less than expected, but figures from previous months were revised lower by 74,000.  Although the Unemployment Rate fell unexpectedly to 7.3%, the decline was entirely due to people dropping out of the labor force.  The labor force participation rate (the percentage of people able to work who are working or are looking for work) dropped to the lowest level since 1978.  Today's data may cause the Fed to wait longer to begin tapering its bond purchase program.  In other news, comments from Russian officials indicating that Russia will support Syria in the event of a U.S. attack hurt stocks and boosted mortgage-backed securities.  No other key economic data will be released today.

Daily Market Update 9/5/13

Mortgage rates inched higher Thursday following the release of stronger than expected economic data and ahead of tomorrow's key Employment Report.  In economic news, weekly Jobless Claims fell to 323,000, beating forecast.  Second quarter Productivity was revised higher to 2.3%.  Payroll firm ADP estimated private sector job growth of 176,000 last month, in line with expectations.  The Institute for Supply Management services index jumped to 58.6, well above the consensus forecast of 55.0.  Factory Orders fell by 2.4%, which was better than expected.  Stocks moved higher.  No other key data will be released today.  The closely-watched Non-farm Payrolls Report for August will come out at 8:30 AM on Friday.

Daily Market Update 9/4/13

Mortgage rates held steady Wednesday as stocks moved higher.  This morning, the July Trade Deficit rose to $39.2 billion, above forecast.  The Beige Book, a survey of economic activity by the Fed's 12 regional banks, will be released at 2:00 PM.  The Mortgage Bankers Association weekly purchase activity index decreased by 0.4%, while the refinancing activity index increased by 2.0%.  Average reported conventional 30-year fixed rates fell to 4.73%, not including fees.  Investors are continuing to follow U.S. plans for Syria, and are beginning to focus on Friday's Employment Report for August.

Daily Market Update 9/3/13

Mortgage rates inched higher following the released of stronger than expected economic data.  This morning, July Construction Spending rose by 0.6%, beating forecast.  The Institute for Supply Management manufacturing index increased unexpectedly to 55.7 from 55.4.  Readings above 50.0 indicate expansion in the manufacturing sector of the economy.  Stocks opened higher as the U.S. did not launch a military strike against Syria over the weekend, increasing pressure on mortgage-backed securities.  No other key data will be released today.