Daily Market Update 4/12/10

Rates were little changed Monday. No economic data will be released today.

Daily Market Update 4/9/10

Mortgage rates ended the week little changed from where they started on Monday. Bidding on yesterday's 30-year Treasury bond auction was considered average, disappointing investors following a better than expected 10-year note auction on Wednesday. No economic data will be released today. The most important data next week will be the Consumer Price Index and Retail Sales for March, both of which come out on Wednesday. Concerns about the economic situation in Greece may add to the volatility in bond and mortgage-backed securities markets.

Daily Market Update 4/8/10

Rates inched lower Thursday following better-than-expected results from yesterday's 10-year Treasury auction. In economic news, weekly Jobless Claims rose to 460,000, well above forecast. The European Central Bank (ECB) made no change in rates, as expected. The Treasury will announce results of today's auction of 30-year bonds at 1:00 PM.

Daily Market Update

Rates held steady Wednesday ahead of this afternoon's auction of 10-year Treasuries. Auction results will be released at 1:00 PM. Yesterday's auction of 3-year notes was met with average demand, an improvement over the results from the Treasury's last auction two weeks ago. The Mortgage Bankers Association weekly purchase activity index rose 0.2%, while the refinancing activity index decreased by 17%. Average reported 30-year fixed rates rose last week to 5.31% with 0.64 points, the highest level since August. No economic data will be released today.

Daily Market Update 4/6/10

Rates were little changed ahead of today's 3-year Treasury auction. Investors will be closely monitoring the results of this week's auctions of 3-, 10-, and 30-year securities following disappointing Treasury auction results two weeks ago. Also today, the Fed will release minutes from last month's FOMC meeting at 2:00 PM.

Daily Market Update 4/5/10

Rates inched higher Monday on stronger than expected economic data. The Institute for Supply Management services index came in at 55.4, up from 50.0 last month. Readings above 50.0 indicate expansion in the services sector of the economy. Pending Home Sales rose 8.2% in February. A 1.0% decline had been forecast. Analysts credit the $8,000 first-time homebuyer, and $6,500 repeat buyer tax credits, which are due to expire April 30, with much of the surge. No other data will be released today.

Daily Market Update 4/2/10

Rates came under pressure Friday following release of the March Non-farm Payrolls report. The economy added 162,000 jobs last month, the highest level in three years. The Unemployment Rate remained at 9.7%. Hiring of temporary census workers added 48,000 jobs, less than expected. Upward revisions to data from prior months added 62,000 jobs. Average Hourly Earnings, a proxy for wage growth, declined slightly. Mortgage-backed securities markets will close early at 12:00 noon for Good Friday.