Daily Market Update 3/13/13

Mortgage rates held steady Wednesday following the release of stronger than expected economic data.  February Retail Sales rose 1.1%, far above forecast.  Some economists had expected the increased payroll tax and higher gas prices to slow sales activity, but today's data contradicted that view.  Import Prices increased 1.1% in February, but were lower than one year ago.  Stocks were little changed.  Results from today's 10-year Treasury auction will be released at 1:00 PM.

Daily Market Update 3/8/13

Rates moved higher Friday following the release of stronger than expected employment data.  Against a consensus forecast of 170,000, the economy added 236,000 jobs in February.  The Unemployment Rate fell to 7.7% from 7.9%, to the lowest level since December 2008.  Average Hourly Earnings rose 0.2%.  Stocks rallied on the news.  No other key data will be released today.

Daily Market Update 3/7/13

Rates inched higher Thursday as an improving outlook for the labor market pushed stocks higher and hurt mortgage-backed securities.  Weekly Jobless Claims fell to 340,000, below the consensus forecast of 350,000.  The January Trade Deficit rose to $44.4 billion, a bit higher than expected.  Fourth quarter Productivity was revised lower to -1.9%.  Non-farm Payrolls and the February Unemployment Rate will be released tomorrow at 8:30 AM.

Daily Market Update 3/6/13

Rates faced upward pressure Wednesday as stocks moved higher on stronger than expected economic data.  This morning, payroll firm ADP estimated private sector job growth of 198,000 in February, beating forecast.  Factory Orders fell by 2.0%, matching expectations.  The Mortgage Bankers Association weekly purchase activity index jumped 15%, while the refinancing activity index increased 14.8%.  Average reported 30-year fixed rates fell to 3.70% plus 0.39 points.  The Fed's Beige Book, a survey of economic activity by the 12 regional Federal Reserve Banks, will be released at 1:00 PM.

Daily Market Update 3/5/13

Mortgage rates were little changed Tuesday as a stock market rally carried the Dow Jones Industrial Average to a new record high.  In economic news, the Institute for Supply Management Services Index rose to 56.0, beating expectations.  Readings above 50.0 indicate expansion in the services sector.  The big report this week will be Friday's release of February Employment data.

Daily Market Update 3/4/13

Mortgage rates were mostly unchanged Monday in quiet trading.  No economic data will be released today.

Daily Market Update 3/1/13

Mortgage rates were little changed Friday on mixed economic data.  January Personal Income declined by 3.6%, compared to a consensus forecast of -2.0%.  Core PCE price index, the Fed's preferred measure of inflation, rose 0.1%, a bit less than expected.  The Institute for Supply Management manufacturing index came in at 54.2, beating expectations.  Readings above 50.0 indicate expansion in manufacturing.  Consumer Sentiment rose to 77.6 from 76.3, while Construction Spending fell by 2.1%.  Stocks moved sharply lower as investors braced for government spending cuts resulting from "Sequestration".  No other data will be released today.