Daily Market Update 4/29/11

Rates were little changed Friday as new economic data came in close to expectations.  The March Core PCE price index rose 0.1% from February and was a tame 0.9% higher than one year ago.  Personal Income increased 0.5%.  The Chicago PMI manufacturing index declined to 67.6, below forecast.  Consumer Sentiment fell slightly to 68.9 from 69.6.  No other data will be released today.  The big news next week will be Friday's Employment Report.  The Institute for Supply Management manufacturing index will come out on Monday.

Daily Market Update 4/28/11

Mortgage rates moved lower Thursday following the release of weaker than expected economic data. First quarter Gross Domestic Product (GDP) showed that the economy grew at a 1.8% annual rate, slightly below forecast. Weekly Jobless Claims rose to 429,000, well above expectations, and the third consecutive week above 400,000. Pending Home Sales increased by 5.1% in March, much better than expected. Results from today's 7-year Treasury auction will be released at 1:00 PM.

Daily Market Update 4/27/11

Mortgage rates were little changed Wednesday. Mortgage-backed securities gave back yesterday's late gains in early trading ahead of this afternoon's Fed announcement and Chairman Ben Bernanke's first-ever press conference. The Fed will wrap up its two-day FOMC meeting and release a statement at about 12:15. The press conference will begin at 2:15. In economic news, March Durable Orders rose 2.5%, above the consensus forecast. A weaker dollar has made exports cheaper abroad, which has helped the US manufacturing sector. Results from today's $35 billion 5-year Treasury auction will be released at 1:00 PM. The Mortgage Bankers Association weekly purchase activity index fell by 14%, while the refinancing activity index declined by 1%. Average reported 30-year fixed rates last week fell to 4.80%.

Daily Market Update 4/26/11

Mortgage rates inched lower Tuesday on mixed economic data. April Consumer Confidence rose to 65.4 from 63.4 in spite of higher gas prices, beating expectations. The February S&P/Case-Shiller 20-city home price index declined by 0.2% from January and was 3.3% lower than one year ago. Results from today's $35 billion 2-year Treasury auction will be released at 1:00 PM.

Daily Market Update 4/25/11

Rates held steady Monday ahead of this week's Fed meeting. The Federal Open Market Committee (FOMC) of the Federal Reserve will meet on Wednesday to discuss monetary policy. Fed Chairman Ben Bernanke will hold a first-ever press conference after the meeting to discuss the Fed's announcement. Investors will be watching closely. In economic news, New Home Sales rose 11% to 300,000 annual units, beating expectations. No other key data will be released today.

Daily Market Update 4/21/11

Rates held steady Thursday following the release of mixed economic data. Weekly Jobless Claims declined to 403,000, but remained above 400,000 for the second consecutive week, and well above the consensus forecast of 390,000. Leading Indicators rose by 0.4%, slightly better than expected. The Philadelphia Fed Index, a survey of manufacturers in Pennsylvania, New Jersey, and Delaware, fell to 18.5, below expectations. Mortgage markets will close early today and will remain closed tomorrow in observance of Good Friday. No other key data will be released today.

Daily Market Update 4/20/11

Mortgage rates were largely unchanged Wednesday as mortgage-backed securities recovered from early losses. Existing Home Sales rose 3.7% in March to a 5.1 million annual rate, slightly above expectations. The Mortgage Bankers Association weekly purchase activity index rose by 10%, the first gain in over a month, while the refinancing activity index increased by 3%. Average reported 30-year fixed rates for last week fell to 4.83%, not including fees. No other economic data will be released today.