Daily Market Update 7/24/09

Mortgage rates held steady Friday after rising nearly 1/4% Thursday. A large rally in the stock market took funds away from bond markets yesterday, hurting mortgage-backed securities (MBS) prices. Supply concerns are weighing down MBS markets this morning. The Treasury will auction $109 billion in 2-, 5-, and 7-year notes next week. In economic news, Consumer Sentiment fell for the first time in five months, but narrowly exceeded forecast. Next week may be volatile, with several key reports due to be released. New Home Sales will come out Monday, Consumer Confidence and Durable Goods Orders Tuesday, and advance second quarter GDP and the Chicago Purchasing Managers Index Friday. No other data will be released today.

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