Daily Market Update 7/31/13

Mortgage rates moved higher Wednesday following the release of stronger than expected economic data.  This morning, preliminary second quarter GDP figures indicated the economy grew at a 1.7% annual rate, above the consensus forecast of 1.1%.  First quarter GDP was revised lower, however, resulting in first half growth of 1.4%.  Separately, payrolls firm ADP estimated private sector job growth of 200,000 in July, beating expectations.  The Chicago Purchasing Managers Index rose to 52.3, a bit less than expected.  Readings above 50.0 indicate expansion in Midwest manufacturing activity.  The Federal Open Market Committee of the Federal Reserve wraps up its two-day meeting to discuss monetary policy this afternoon.  The Fed will release a statement at 2:00 PM.  Investors will be watching closely for clues about the timing of the Fed's anticipated tapering of bond purchases known as "quantitative easing".

Daily Market Update 7/30/13

Mortgage rates held steady Tuesday in relatively quiet trading ahead of tomorrow's Fed announcement.  In economic news, the S&P/Case-Shiller 20-city home price index rose 2.4% in May and was an astounding 12.2% higher than one year ago, the largest annual increase since March 2006.  Consumer Confidence fell to 80.3, slightly below expectations.  No other key data will be released today.

Daily Market Update 7/29/13

Mortgage rates were little changed Monday as investors braced for a potentially volatile week.  In economic news, Pending Home Sales fell 0.4% in June, reflecting higher mortgage rates.  A decrease of 1.0% had been expected.  The Federal Open Market Committee of the Federal Reserve will begin its scheduled two-day meeting tomorrow to discuss monetary policy.  The Fed will release a statement Wednesday afternoon.  While no rate changes are expected, investors will be looking for clues about the timing of anticipated tapering of purchases of Treasurys and mortgage-backed securities by the Fed, otherwise known as "quantitative easing".  Also Wednesday, preliminary second quarter GDP figures will be released.  The Employment Report, the most closely-watched economic data of the month, will come out on Friday.

Daily Market Update 7/26/13

Rates moved lower Friday as a sell-off in stocks boosted mortgage-backed securities.  This morning, Consumer Sentiment rose to 85.1, beating expectations.  No other key data will be released today.

Daily Market Update 7/25/13

Mortgage rates inched higher Thursday on stronger than expected economic data.  June Durable Goods Orders jumped 4.2%, well above the consensus forecast of 2.0%.  Most of the increase came from aircraft orders, however, which are extremely volatile month-to-month.  Weekly Jobless Claims rose to 343,000, slightly more than expected.  Stocks moved lower.  Results from today's 7-year Treasury auction will be released at 1:00 PM.

Daily Market Update 7/24/13

Rates inched higher Wednesday following the release of stronger than expected manufacturing data in Europe and New Home Sales in the U.S.  New Home Sales jumped 8.3% in June to 497,000 annual units, a five-year high.  Separately, the Mortgage Bankers Association weekly purchase activity index fell by 2%, while the weekly refinance activity index declined by 1%.  Average reported conventional 30-year fixed rates fell to 4.58%, not including fees.  Results from today's 5-year Treasury auction will be released at 1:00 PM.

Daily Market Update 7/23/13

Mortgage rates were little changed Tuesday.  No key economic data will be released today.  Results from today's 2-year Treasury auction will come out at 1:00 PM.