Daily Market Update 4/30/12

Rates were little changed Monday.  In economic news, the March Core PCE price index, the Fed's preferred measure of inflation, rose 0.2%, in line with expectations, and was 2.0% higher than one year ago.  Personal Income came in slightly higher than expected.  The Chicago PMI manufacturing index declined to 56.2, well below the consensus forecast of 61.0, and to the lowest level since November 2009.  Readings above 50.0 indicate expansion in the manufacturing sector.  Stocks were mixed.  No other key data will be released today.

Daily Market Update 4/27/12

Rates were little changed Friday.  In economic news, preliminary first quarter GDP figures indicated the economy grew at a 2.2% annual rate, below the consensus forecast of 2.5%.  Consumer Sentiment came in at 76.4, slightly better than expected.  In Europe, ratings agency S&P downgraded the debt of Spain.  Rates may be volatile next week, as several key economic indicators are scheduled for release.  On Monday, the Core PCE price index, the Fed's preferred measure of inflation, will be released.  The Institute for Supply Management manufacturing index will come out on Tuesday, and the month's most closely watched data, the Employment Report, will be released on Friday.  Have a great weekend!

Daily Market Update 4/26/12

Mortgage rates inched lower Thursday as weaker than expected European economic data boosted mortgage-backed securities.  In the US, weekly Jobless Claims came in at 388,000, above the consensus forecast of 375,000.  Pending Home Sales jumped 4.1% in March and was 12.8% higher than one year ago, providing further evidence of gradual stabilization in the real estate market.  Results from today's 7-year Treasury auction will be released at 1:00 PM.

Daily Market Update 4/25/12

Rates inched higher Wednesday reflecting a late sell off of mortgage-backed securities on Tuesday.  In economic news, March Durable Goods Orders fell 4.2%, which was well below the consensus forecast of -1.5%.  The Federal Open Market Committee of the Federal Reserve made no change in interest rates, as expected, and gave no indication of any change in monetary policy.  Fed Chairman Bernanke will hold a press conference at 2:15 PM.

Daily Market Update 4/24/12

Mortgage rates were little changed Tuesday as the Fed began its two-day FOMC meeting.  In economic news, Consumer Confidence slipped to 69.2, slightly below forecast.  New Home Sales declined to 328,000 annual units in March, but February figures were revised higher.  The February S&P Case-Shiller 20-city home price index showed an annual decline of 3.5%, as average home prices fell to their lowest levels since 2002.  Results from today's 2-year Treasury auction will be released at 1:00 PM.  The Fed announcement will come out tomorrow afternoon.

Daily Market Update 4/19/12

Rates inched lower Thursday on weaker than expected economic data.  This morning, weekly Jobless Claims fell to 386,000, above the consensus forecast of 375,000.  Existing Home Sales declined to 4.48 million annual units, below expectations.  Leading Indicators rose by 0.3%, slightly better than forecast.  The Philly Fed index, a survey of economic activity in the Philadelphia region, fell to 8.5 from 12.5 last month.  Readings above zero indicate expansion in the manufacturing sector.  Stocks were mixed.  No other key data will be released today.

Daily Market Update 4/18/12

Rates were little changed Wednesday in quiet trading.  The Mortgage Bankers Association weekly purchase activity index declined by 11.2%, while the refinancing activity index surged 13.5%.  Average reported 30-year fixed rates fell to 4.05%, not including fees.  No key economic data will be released today.