Daily Market Update 5/14/13

Rates were little changed Tuesday in volatile trading.  April Import Prices declined by 0.5%, matching forecast.  Stocks moved higher.  No other key data will be released today.

Daily Market Update 5/10/13

Rates inched higher Friday following relatively weak demand for long-term Treasurys at this week's auctions.  No key economic data will be released today.  Next week, Retail Sales figures come out on Monday, the Producer Price Index on Wednesday, and the Consumer Price Index on Thursday.

Daily Market Update 5/9/13

Rates faced upward pressure Thursday following the release of stronger than expected employment data.  Weekly Jobless Claims fell to 323,000, well below the consensus forecast of 335,000, to the lowest level since January 2008.  The reduction in Jobless Claims seen over the past three weeks signals that companies are slowing the pace of layoffs.  Results from today's 30-year Treasury auction will be released at 1:00 PM.

Daily Market Update 5/8/13

Mortgage rates have remained largely unchanged all week in quiet trading following last week's market volatility.  No key economic data is due out until next Monday.  Results from today's 10-year Treasury auction will be released at 1:00 PM.

Daily Market Update 5/3/13

Mortgage rates moved higher Friday as stocks jumped following the release of stronger than expected employment data.  The economy added 165,000 jobs in April, beating forecast, and the figures for February and March were revised higher by 114,000.  The Unemployment Rate fell unexpectedly to 7.5%.  Average Hourly Earnings, a proxy for wage growth, rose 0.2% last month, in line with expectations.  In other news, the Institute for Supply Management services index came in at 53.1, slightly below the consensus forecast, and Factory Orders fell by 4.0%.  A decrease of 3.0% had been expected.  No other key data will be released today.

Daily Market Update 5/2/13

Mortgage rates were little changed Thursday in spite of better than expected economic news.  Weekly Jobless Claims fell to 324,000, the lowest level since January 2008.  The March Trade Deficit declined to $38.8 billion, far below the consensus forecast of $43 billion.  Fourth quarter Productivity came in at 0.7%, below expectations.  Yesterday's Fed statement was uneventful.  The Fed will continue purchases of $85 billion per month of Treasurys and mortgage-backed securities until the labor market improves "substantially".  The only change from its last statement was the addition that the Fed is "prepared to increase or reduce" the pace of asset purchases based on changes in its outlook for the labor market and inflation.  No other key data will be released today.

Daily Market Update 5/1/13

Rates inched lower Wednesday following the release of weaker than expected economic data.  This morning, payroll firm ADP forecast private sector job growth of 119,000 in April, far below the consensus of 155,000.  The Institute for Supply Management manufacturing index fell to 50.7.  Readings above 50.0 indicate expansion in the manufacturing sector of the economy.  Construction Spending declined by 1.7%.  An increase of 0.5% had been expected.  The Fed wraps up its two day FOMC meeting to discuss monetary policy this afternoon and will make an announcement at 2:00 PM.  No rate changes are expected, but investors will be looking for the latest news on the Fed's view of the labor market and the "Quantitative Easing" bond buying program.