Daily Market Update 5/10/12

Mortgage rates held steady Thursday.  This morning, weekly Jobless Claims fell slightly to 367,000 from an upwardly revised 368,000 last week, close to expectations.  Import Prices declined by 0.5% last month.  The March Trade Deficit rose to a record $51.8 billion, larger than forecast, mostly due to high oil prices.  Stocks moved higher after several days of consecutive losses.  Results from today's 30-year Treasury auction will be released at 1:00 PM.

Daily Market Update 5/9/12

Mortgage rates were little changed Wednesday as investors focused on news from Europe.  Concerns over the stability of the banking sector have resulted in higher bond yields in larger countries such as Spain and Italy, making it more difficult to achieve economic growth.  Political opposition to austerity measures is strong, and there is growing disagreement about the best approach to solve Europe's financial problems.  Global stock markets moved lower.  On a more positive note, Fannie Mae announced first quarter net profit of $2.7 billion and said it will not be asking for additional bailout funds from the Treasury at this time.   The Mortgage Bankers Association weekly purchase activity index rose 3.4%, while the refinancing activity index increased by 1.3%.   Average reported 30-year fixed rates fell to 4.01%, not including fees.  Results from today's 10-year Treasury auction will be released at 1:00 PM.

Daily Market Update 5/8/12

Mortgage rates were steady, to slightly lower on Tuesday as increased concerns about Europe, particularly Greece, hurt stocks and boosted mortgage-backed securities.  No key economic data will be released today.  Results from the 3-year Treasury auction will be released at 1:00 PM.

Daily Market Update 5/4/12

Rates inched lower Friday following a disappointing Employment Report for April.  The economy added just 115,000 jobs last month, far below the consensus forecast of 170,000.  The Unemployment Rate fell to 8.1%, largely due to people leaving the work force.  Average Hourly Earnings, a proxy for wage growth, were unchanged from March.  Oil and stock prices fell sharply.  The only key economic report due out next week will be Friday's release of the Producer Price Index.  The Treasury will auction 3-, 10-, and 30-year securities over three days beginning Tuesday.  No other data will be released today.

Daily Market Update 5/3/12

Mortgage rates were essentially unchanged Thursday ahead of tomorrow's key employment data.  In economic news, weekly Jobless Claims fell to 365,000, below the consensus forecast of 375,000.  First quarter Productivity declined by 0.5%, matching expectations.  The Institute for Supply Management services index fell to 53.5 from 56.0.  Readings above 50.0 indicate expansion the the services sector of the economy.  The European Central Bank (ECB) made no change in rates.  The ECB President stated that the ECB expects inflation to remain above the target rate in 2012, suggesting that rate cuts will be unlikely.  The closely-watched Non-Farm Payrolls report for April will be released Friday at 8:30 AM.

Daily Market Update 5/2/12

Mortgage rates held steady Wednesday as mortgage-backed securities recovered from yesterday's late sell off.  This morning, payroll firm ADP forecast an increase of just 119,000 private sector jobs in April, far short of expectations.  Factory Orders fell 1.5%, the largest monthly decline in three years, although a bit less than expected.  The Mortgage Bankers Association weekly purchase activity index rose 2.9%, while the refinancing activity index decreased 0.7%.  Average reported 30-year fixed rates rose to 4.05%, not including fees.  No other key data will be released today.

Daily Market Update 5/1/12

Mortgage rates were little changed Tuesday in quiet trading ahead of Friday's Employment Report.  This morning, the Institute for Supply Management manufacturing index rose unexpectedly to 54.8 from 53.4.  Readings above 50.0 indicate expansion in the manufacturing sector.  March Construction Spending edged up 0.1%, below expectations, while February was revised lower.  No other key data will be released today.