Daily Market Update 10/24/12

Mortgage rates faced upward pressure Wednesday ahead of this afternoon's Fed statement.  In economic news, New Home Sales rose 5.7% to 389,000 annual units, slightly above forecast, to the highest level in two years.  The Mortgage Bankers Association weekly purchase activity index fell by 8.3%, while the refinancing activity index declined by 12.9%.  Average reported 30-year fixed rates rose to 3.63%, not including fees.  The Fed announcement will come out at 2:15 PM.  No major changes in monetary policy are expected.

Daily Market Update 10/23/12

Rates inched lower Tuesday as mortgage-backed securities were boosted by weakness in stocks.  This morning, stock prices fell sharply following weaker than expected corporate earnings reports.  Separately, the New York Times reported that Fed Chairman Ben Bernanke will probably not seek a third term, regardless of who wins the presidential election.  Mitt Romney has already indicated he will replace Bernanke if he wins the Presidency.  Results from today's 2-year Treasury auction will be released at 1:00 PM.

Daily Market Update 10/22/12

Rates were little changed Monday in quiet trading.  No economic data will be released today.  Investors are mostly looking ahead to this week's Fed meeting that wraps up on Wednesday.

Daily Market Update 10/19/12

Mortgage rates held steady Friday, ending about .125% higher for the week.  This morning, the National Association of Realtors reported Existing Home Sales declined by 1.7% in September, in line with expectations.  The big economic event next week will be a two day meeting of the Federal Open Market Committee of the Federal Reserve, beginning on Tuesday.  Also next week, Durable Goods Orders will come out on Thursday and advanced third quarter Gross Domestic Product (GDP) estimates on Friday.  No other key data will be released today.

Daily Market Update 10/12/12

Mortgage rates held steady Friday following the release of mixed inflationary data.  The September Producer Price Index (PPI) rose 1.1% from August, above expectations, driven mainly by higher energy prices.  Core PPI, excluding volatile food and energy components, was unchanged, which was lower than expected.  Consumer Sentiment came in at 83.1, beating forecast.  Next week's key economic figures include Monday's release of September Retail Sales and Tuesday's release of the Consumer Price Index and Industrial Production.  No other data will be released today.

Daily Market Update 10/11/12

Rates inched higher Thursday on stronger than expected economic data.  This morning, weekly Jobless Claims fell sharply to 339,000, the lowest level in more than four years.  September Import Prices rose 1.1% from August, mostly due to higher energy prices.  The August Trade Deficit came in close to forecast.  Stocks moved higher.  Results from today's 30-year Treasury auction will be released at 1:00 PM.

Daily Market Update 10/10/12

Mortgage rates faced upward pressure Wednesday, reflecting market activity late yesterday.  In economic news, results from today's 10-year Treasury auction will be released at 1:00 PM.  The Fed's Beige Book, a survey of economic activity by the 12 regional Federal Reserve Banks, will be released at 2:00 PM.  The Mortgage Bankers Association weekly purchase activity index rose 2%, while the refinancing activity index fell 2%.  The composite index declined by 1.2%, as refinance applications represented 83% of the total.  The average conventional 30-year fixed rate rose to 3.56% with 0.39 "points".