Daily Market Update 7/29/09

Mortgage rates inched lower Wednesday on weaker than expected economic data. June Durable Goods Orders declined 2.5%, well below the consensus forecast of -0.5%. Excluding the volatile transportation component, however, the data showed an increase of 1.1%. Stocks moved lower. Oil prices fell sharply on increased inventory. There will be a 5-year Treasury auction at 1:00, and release of the Fed's Beige Book at 2:00 et.