Daily Market Update 8/24/09

Mortgage rates were little changed Tuesday following this morning’s announcement that the Obama Administration will reappoint Ben Bernanke to a second term as Chairman of the Federal Reserve. The White House also increased its estimated budget deficit for the next ten years to $9.05 trillion, roughly $2 trillion more than estimates earlier this year, and in line with projected figures from the Congressional Budget Office. In economic news, the Case-Shiller Home Price Index rose 3% in the second quarter from the first quarter, the first increase in three years. Consumer Confidence rose for the first time in three months, beating forecast. The Treasury will hold an auction of 2-year notes this afternoon.

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