Daily Market Update 3/23/12

Mortgage rates eased slightly on Friday, but finished about .125% higher for the week.  In economic news, New Homes Sales slipped by 1.6% to 313,000 annual units, below the consensus forecast of 320,000 units.  The median new home price rose to $233,700, a 6.2% increase from one year ago.  Next week's key data affecting interest rates include Durable Goods Orders on Wednesday and the Core PCE price index on Friday.  Also next week, the Treasury will auction 2-, 5-, and 7-year notes over three days, beginning Tuesday.  No other key data will be released today.

Daily Market Update 3/21/12

Rates remained volatile as mortgage-backed securities bounced back from yesterday's sharp losses.  In economic news, Existing Homes Sales declined 0.9% in February to an annual rate of 4.59 million units, below forecast.  The Mortgage Bankers Association weekly purchase activity index fell by 1.0%, while the refinancing activity index declined by 9.3%.  Average reported 30-year fixed rates rose to 4.19%, not including fees.  No other key data will be released today.

Daily Market Update 3/16/12

Mortgage rates were little changed Friday but have risen by about .25% since Tuesday's Fed statement.  In economic news, the February Consumer Price Index (CPI) rose 0.4% from January, matching expectations, and was 2.9% higher than one year ago.  Core CPI, excluding food and energy components, increased 0.1%, slightly less than expected.  February Industrial Production was unchanged from January, below the consensus forecast of +0.5%.  Consumer Sentiment fell unexpectedly.  Analysts blamed higher gas prices for the decline.  Next week, Housing Starts will be released on Tuesday, Existing Home Sales on Wednesday, and New Home Sales on Friday.  No other key data will be released today.

Daily Market Update 3/15/12

Rates continued moving higher Thursday as Treasurys and mortgage-backed securities sold off sharply yesterday in reaction to Tuesday's Fed announcement.  Mortgage rates are now at their highest levels since October.  Investors have expressed growing concerns about higher inflation.  Today's economic data brought no major surprises.  Weekly Jobless Claims fell to 351,000, slightly below forecast.  The February Producer Price Index (PPI) rose 0.4%, less than expected, and was 3.3% higher than one year ago.  Core PPI, which excludes volatile food and energy components, increased 0.2%, matching expectations.  The Philly Fed Index, a survey of economic activity in the Philadelphia region, came in at 12.5, in line with forecast.  No other key data will be released today.

Daily Market Update 3/14/12

Mortgage rates moved higher Wednesday following yesterday's Fed announcement.  Investors expressed increased concerns about inflation and lower expectations for additional quantitative easing by the Fed.  Mortgage-backed securities were also hurt by sharply higher stock prices.  In economic news, Import Prices rose by 0.4%, less than expected.  The Mortgage Bankers Association weekly purchase activity index jumped 4.4%, while the refinancing activity index fell 4.1%.  Average 30-year fixed rates remained unchanged at 4.06%, not including fees.  Results from today's 30-year Treasury auction will be released at 1:00 PM.

Daily Market Update 3/13/12

Rates faced upward pressure Tuesday ahead of this afternoon's Fed statement.  In economic news, February Retail Sales rose 1.1%, beating forecast.  Stocks moved higher.  Results from today's 10-year Treasury auction will be released at 1:00 PM.  The Fed announcement will come out at 2:15 PM.

Daily Market Update 3/12/12

Rates inched lower Monday in quiet trading ahead of tomorrow's Fed meeting.  The Federal Open Market Committee (FOMC) of the Federal Reserve will be discussing monetary policy.  While no rate changes are expected, investors will be looking for indications of further economic stimulus.  Results from today's 3-year Treasury auction will be released at 1:00 PM.