Daily Market Update 7/1/09

Mortgage rates were little changed Wednesday as today's economic data came in close to expectations. Construction Spending fell 0.9% in May, a bit more than forecast, while Pending Home Sales rose 0.1%, beating forecast. The Mortgage Bankers Association weekly purchase activity index fell by 5%, while refinancing activity decreased by 30%. The closely-watched Non-farm Payrolls Report for June will be released tomorrow at 8:30 AM.