Daily Market Update 7/20/12

Rates inched lower Friday as concerns about Spain hurt stocks and boosted Treasurys and mortgage-backed securities.  Protests against austerity measures escalated, and Spanish 10-year bond yields climbed above 7%.  No key economic data will be released today.  Next week, New Home Sales figures will come out on Wednesday.  Durable Goods Orders will be released on Thursday.  Also, the Treasury will auction 2-, 5-, and 7-year notes over three days, beginning Tuesday.

Daily Market Update 7/19/12

Mortgage rates remained near record lows Thursday following the release of weaker than expected economic data.  Weekly Jobless Claims spiked to 386,000, well above forecast.  June Existing Home Sales fell to 4.37 million units.  An increase to 4.65 million had been expected.  On a more positive note, the national median home price rose to $189,400, an increase of 7.9% year-over-year.  The Philly Fed index, a survey of manufacturing activity in the northeast region, came in at -12.9.  Readings below zero indicate contraction in the manufacting sector.  Leading Indicators fell 0.3%, below expectations.  No other key data will be released today.

Daily Market Update 7/18/12

Mortgage rates remained unchanged Wednesday as mortgage-backed securities recovered from yesterday's late selloff.  In economic news, June Housing Starts rose 7% to an annual rate of 760,000 units, beating forecast, although Building Permits, a leading indicator, fell short of expectations.  The Mortgage Bankers Association weekly purchase activity index declined by 0.1%, while the refinancing activity index surged 16.9%.  Average reported 30-year fixed rates fell to 3.74%, not including fees, another record low.  The Fed's Beige Book, a survey of economic activity by the 12 regional Federal Reserve Banks, will be released at 2:00 PM.

Daily Market Update 7/17/12

Mortgage rates held steady Tuesday in quiet trading.  The June Consumer Price Index (CPI) was unchanged from May, matching forecast, and was 1.7% higher than one year ago.  Core CPI, which excludes volatile food and energy components, rose 0.2% and was 2.2% higher than last June.  Industrial Production increased 0.4%, beating expectations.  Federal Reserve Chairman Ben Bernanke told the Senate Banking Committee that "economic activity appears to have decelerated somewhat during the first half of this year" and the Fed is "prepared to take further action as appropriate to promote a stronger economic recovery".  He further indicated that progress in reducing unemployment is likely to be "frustratingly slow".  Stocks declined following his comments.  No other key economic data will be released today.

Daily Market Update 7/16/12

Rates held steady Monday as weaker than expected Retail Sales boosted mortgage-backed securities.  June Retail Sales declined 0.5% from May.  An increase of 0.2% had been expected.  Stocks moved lower.  No other key data will be released today.

Daily Market Update 7/12/12

Mortgage rates were little changed Thursday.  This morning, weekly Jobless Claims fell sharply to 350,000, well below forecast, to the lowest level since March 2008.  Investors showed little reaction to the data due to possible distortions resulting from the July 4th holiday.  June Import Prices declined 2.7%, mostly due to lower oil prices.  Stocks moved lower.  Results from today's 30-year Treasury auction will be released at 1:00 PM.

Daily Market Update 7/11/12

Back to work after a much needed vacation.  Mortgage rates have drifted lower over the past few days following last Friday's weak Employment Report for June.  This morning, the Trade Deficit came in very close to expectations.  The Mortgage Bankers Association weekly purchase activity index fell by 2.1%, while the refinancing activity index declined by 3.4%.  Average reported conventional 30-year fixed rates fell to 3.79%, not including fees.  Average FHA 30-year fixed rates dropped to 3.63%.  Both conventional and FHA average weekly rates represent all-time lows.  Results from today's 10-year Treasury auction will be released at 1:00 PM.  The Federal Reserve will release detailed minutes from last month's FOMC meeting at 2:00 PM.