Daily Market Update 3/9/12

Rates held steady Friday as investors showed little reaction to the February Employment Report.  The economy added 227,000 jobs last month, while the Unemployment Rate remained at 8.3%.  Average hourly earnings, a proxy for wage growth, increased at a 1.9% annual rate.  The Trade Deficit came in higher than expected.  Private bondholders agreed to the proposed Greek bond swap deal, which was necessary for Greece to receive additional aid and avoid default.  No other key data will be released today.

Daily Market Update 3/8/12

Mortgage rates were little changed Thursday ahead of tomorrow's key employment data.  This morning, weekly Jobless Claims rose to 362,000, above the consensus forecast of 355,000.  Stocks were boosted as investors became more optimistic that the Greek debt swap deal will be accepted by most private bondholders.  Rates may be volatile tomorrow.  Results from the Greek debt swap offer are scheduled to be announced at 1:00 AM ET and the Employment Report for February will come out at 8:30 AM ET.  No other key data will be released today.

Daily Market Update 3/7/12

Rates held steady Wednesday as today's economic data contained few surprises.  Payroll firm ADP forecast a gain of 216,000 private sector jobs in February, close to expectations.  Fourth quarter Productivity was revised slightly higher, although unit labor costs increased at a faster than expected pace.  Stocks moved higher.  No other key data will be released today.

Daily Market Update 3/6/12

Rates inched lower Tuesday as concerns about the pace of global economic growth, rising oil prices, and the Greek debt deal have hurt stocks and lifted mortgage-backed securities.  Recent economic data from China and Europe has been weaker than expected.  No key data will be released today.

Daily Market Update 3/5/12

Rates were little changed Monday in quiet trading.  In economic news, the Institute for Supply Management services index rose to 57.3, beating expectations.  Readings above 50.0 indicate expansion in the services sector of the economy.  Factory Orders declined by 1.0%, a bit less than expected.  China announced that it will target a 7.5% growth rate in 2012, the slowest pace since 2005.  Stocks moved lower.  No other key data will be released today.

Daily Market Update 3/2/12

Mortgage rates were stable, to slightly lower this morning in quiet trading.  No economic data will be released today.  The big news next week will be Friday's Employment Report for February.  Also next week, the Institute for Supply Management services index and Factory Orders will come out on Monday, Productivity will be released on Wednesday.

Daily Market Update 3/1/12

Mortgage rates inched higher Thursday as investors continued to react to yesterday's comments from Fed Chairman Ben Bernanke.  In economic news, January Core PCE price index, the Fed's preferred measure of inflation, was 1.9% higher than one year ago.  Personal Income increased 0.3%, close to expectations.  Weekly Jobless Claims held steady at 351,000, slightly below forecast.  The Institute for Supply Management manufacturing index fell unexpectedly to 52.4 from 54.1.  Readings above 50.0 indicate expansion in the manufacturing sector.  Construction Spending declined by 0.1%.  An increase of 1.0% had been forecast.  No other key data will be released today.