Daily Market Update 1/5/10

Mortgage rates were little changed Tuesday following the release of mixed economic data. Factory Orders rose 1.1% in December, better than the consensus forecast of +0.5%. The National Association of Realtors reported Pending Home Sales fell 16% in November, following 9 consecutive monthly increases. A decrease of 2% had been expected. The extension of the $8,000 first-time homebuyer tax credit deadline may have been a contributing factor in the sharp reduction in sales. Buyers, who had been rushing to close by the original expiration date of November 30, were given a 5 month reprieve. No other data will be released today.