Daily Market Update 2/28/13

Rates held steady Thursday as mixed economic data had little impact on mortgage-backed securities.  This morning, weekly Jobless Claims fell to 344,000, well below forecast.  Fourth Quarter GDP was revised slightly higher, to +0.1% from -0.1%, although an increase to 0.5% had been expected.  The Chicago Purchasing Managers Index rose to 56.8, beating expectations.  Readings above 50.0 indicate expansion in the manufacturing sector for the Midwest region.  No other key data will be released today.

Daily Market Update 2/27/13

Mortgage rates inched lower Wednesday in volatile trading.  Durable Goods Orders declined by 5.2% last month, a bit more than expected.  Pending Home Sales jumped 4.5%, well above expectations, to the highest level since April 2010.  Stocks moved higher.  Federal Reserve Chairman Ben Bernanke will testify before Congress about current monetary policy for a second day.  Results from today's 7-year Treasury auction will be released at 1:00 PM.

Daily Market Update 2/26/13

Mortgage rates inched lower Tuesday reflecting improvement in mortgage-backed securities markets late Monday.  Yesterday, stocks moved sharply lower following election results in Italy that cast doubts on current austerity measures required by the European Union.  In economic news, New Home Sales jumped to 437,000 annual units, far above expectations, to the highest level since July 2008.  Consumer Confidence rose to 69.6, easily beating forecast.  Fed Chairman Ben Bernanke is testifying before Congress this morning regarding current Federal Reserve monetary policy.  Results from today's 5-year Treasury auction will be released at 1:00 PM.

Daily Market Update 2/25/13

Rates were little changed Monday as mortgage-backed securities recovered from an early sell-off.  After having risen by about 3/8% from their all-time lows, mortgage rates appear to have stabilized somewhat over the past two weeks.  No key economic data will be released today.  Results from today's 2-year Treasury auction will come out at 1:00 PM.

Daily Market Update 2/20/13

Mortgage rates inched higher Wednesday.  In economic news, the January Producer Price Index (PPI) rose 0.2%, slightly below expectations, and was 1.4% higher than one year ago.  Core PPI, which excludes food and energy components, increased 0.2%, matching forecast.  January Housing Starts fell 9% to an annual rate of 890,000 units, below the consensus of 910,000.  Building Permits, a leading indicator, rose 2% to the highest level since June 2008.  The Mortgage Bankers Association weekly purchase activity index declined by 1.7%, while the refinancing activity index dropped 1.6%.  The average reported 30-year fixed rate rose to 3.75%, not including fees.  Detailed Minutes from the January 30 Fed meeting will be released at 2:00 PM.

Daily Market Update 2/19/13

Mortgage rates were little changed Tuesday in quiet trading.  No key economic data will be released today.  The Producer Price Index and minutes from last month's Fed meeting will be released on Wednesday.  The Consumer Price Index will come out on Thursday.

Daily Market Update 2/14/13

Mortgage rates were little changed Thursday in light trading.  This morning, weekly Jobless Claims fell to 341,000, well below expectations.  Stocks were mixed.  Results from today's 30-year Treasury auction will be released at 1:00 PM.