Daily Market Update 3/27/09

Mortgage rates inched lower Friday as stock prices retreated. Personal Income declined 0.2% in February, a bit more than forecast, as job losses mounted. Consumer Sentiment rose slightly in March, but remained at low levels. The Core PCE price index, the preferred measure of inflation by the Fed, increased at a modest 1.8% annual rate, which was good news for mortgage-backed securities markets. The dollar moved higher, oil prices declined. Several major economic reports are due out next week, including the Chicago Purchasing Managers Index on Tuesday, the Institute for Supply Management manufacturing index Wednesday, and Non-farm Payrolls for March on Friday.

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