Daily Market Update 4/30/13

Mortgage rates were little changed Tuesday as the Federal Open Market Committee of the Fed began its two day meeting to discuss monetary policy.  In economic news, the Chicago Purchasing Managers Index fell unexpectedly to 49.0.  Readings below 50.0 indicate contraction in manufacturing in the Midwest region.  The Case-Shiller 20-city home price index increased 9.3% from one year ago, the largest annual increase since 2006.  Consumer Confidence jumped to 68.1, well above forecast.  Eurozone unemployment rose to 12.1%, a record high.  Stocks moved lower.  No other key data will be released today.

Daily Market Update 4/29/13

Mortgage rates held steady Monday following the release of mixed economic data.  The March Core PCE price index, the Fed's preferred measure of inflation, was unchanged from February, and was 1.1% higher than one year ago.  A monthly increase of 0.1% had been expected.  Personal Income rose 0.2%, in line with expectations.  Pending Home Sales increased 1.5% in March, beating forecast.  Stocks moved higher.  No other key data will be released today.

Daily Market Update 4/24/13

Mortgage rates eased slightly Wednesday following the release of weaker than expected economic data.  March Durable Goods Orders fell by 5.7%, well below forecast.  However, excluding volatile aircraft orders, the decrease was a more tame 1.4%.  Stocked edged lower.  Results from today's 5-year Treasury auction will be released at 1:00 PM.

Daily Market Update 4/23/13

Mortgage rates were virtually unchanged Tuesday as a rally in stocks was offset by weaker than expected economic growth in China and Europe.  This morning, New Home Sales rose 1.5% in March to 417,000 annual units, slightly above expectations.  Results of today's 2-year Treasury auction will be released at 1:00 PM.

Daily Market Update 4/22/13

Mortgage rates held steady Monday following the release of weaker than expected housing data.  The National Association of Realtors said Existing Home Sales fell 0.6% in March to 4.92 million annual units, although the median price jumped 11.8% from one year earlier, the largest increase since 2005.  A limited supply of inventory was cited as a driving factor in both figures.  No other key data will be released today.

Daily Market Update 4/19/13

Mortgage rates held steady Friday in quiet trading as stocks moved lower.  No key economic data will be released today.  Next week, Existing Home Sales figures will come out on Monday, New Home Sales on Tuesday, Durable Goods Orders will be released on Wednesday, and preliminary first quarter GDP on Friday.  Also next week the Treasury will hold auctions of 2-, 5-, and 7-year notes over three days beginning Tuesday.

Daily Market Update 4/18/13

Rates were little changed Thursday.  In economic news, weekly Jobless Claims rose to 352,000, slightly above forecast.  The Philly Fed Index, a survey of manufacturers in the region, came in at 1.3.  A reading of 3.0 had been expected.  Readings above zero indicate expansion in the manufacturing sector.  Leading Indicators fell 0.1%, a bit below expectations.  No other key data will be released today.

Daily Market Update 4/15/13

Rates held steady Monday as gold prices and stocks tumbled.  Gold fell below $1,400 per ounce this morning, down over $100 for the day.  In other news, the Empire State index declined to 3.1, below the consensus forecast of 7.0.  Readings above zero indicate expansion in manufacturing in the region.  No other key data will be released today.

Daily Market Update 4/12/13

Mortgage rates inched lower Friday following the release of weaker than expected economic data.  March Retail Sales declined 0.4%, far below the consensus forecast of 0.0%.  Since Retail Sales represent roughly 70% of economic activity, a downward trend would have significant impact on economic growth.  The March Producer Price Index (PPI) fell 0.6% and was 1.1% higher than one year ago.  Core PPI, which excludes volatile food and energy components, rose 0.2%, matching expectations.  Consumer Sentiment fell sharply to 72.3 from 78.6.  A reading of 78.0 had been expected.  No other key economic data will be released today.

Daily Market Update 4/11/13

Mortgage rates were little changed Thursday in volatile trading.  In economic news, weekly Jobless Claims fell to 346,000, well below expectations, leading many investors to conclude that last week's large jump in claims was a temporary distortion due to the Easter holiday.  Import Prices declined 0.5%, matching forecast.  Results from today's 30-year Treasury auction will be released at 1:00 PM.