Daily Market Update 7/28/11

Mortgage rates held steady Thursday while uncertainty about debt ceiling negotiations continued to produce volatility in mortgage-backed securities' markets.  Weekly Jobless Claims fell to 398,000, below forecast, and to the lowest level since early April.  June Pending Home Sales rose 2.4%, beating expectations.  Results from today's 7-year Treasury auction will be released at 1:00 PM.

Daily Market Update 7/27/11

Rates were little changed Wednesday in another day of volatile trading.  This morning, June Durable Goods Orders declined 2.1%, below the consensus forecast.  The Mortgage Bankers Association weekly purchase activity index fell by 4%, while the refinancing activity index declined by 6%.  Average reported 30-year fixed rates rose last week to 4.57%, not including fees.  Stocks moved lower as investors remained focused on debt ceiling negotiations.  Results from today's 5-year Treasury auction will be released at 1:00 PM.  The Beige Book, a survey of economic activity by the Fed's 12 regional banks, will be released at 2:00.

Daily Market Update 7/26/11

Rates were little changed Tuesday in another day of volatile trading.  Debt ceiling talks continue to be the main focus of investors.  In economic news, Consumer Confidence rose unexpectedly to a reading of 59.5 from 57.6.  New Home Sales fell by 1% to 312,000 annual units.  Results from today's 2-year Treasury auction will be released at 1:00 PM.

Daily Market Update 7/25/11

Rates inched higher Monday in volatile trading.  Investors are growing more concerned as debt ceiling talks over the weekend failed yield results and the August 2 deadline approaches.  No economic data will be released today.

Daily Market Update 7/22/11

Mortgage rates held steady Friday as investors focused mainly on debt ceiling talks.  No key economic data will be released today.  Next week, Durable Goods Orders and the Beige Book, a survey of the Fed's 12 regional banks, will come out on Wednesday.  Advanced second quarter GDP estimates will be released on Friday.  The Treasury will hold auctions of 2-, 5-, and 7-year notes over three days, beginning Tuesday.  Debt limit negotiations are likely to overshadow daily economic news as the August 2 deadline draws near.

Daily Market Update 7/21/11

Rates inched higher Thursday as a rally in stocks pushed mortgage-backed securities' prices lower.  This morning, a new aid package for Greece and an overhaul of the region's rescue fund reduced investor concerns that the debt problems will spread.  In economic news. weekly Jobless Claims rose to 418,000, slightly above forecast.  Leading Indicators rose 0.3%, in line with expectations.  No other key data will be released today.

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.