Daily Market Update 8/27/09

Mortgage rates remained little changed Thursday as today’s economic data came in close to expectations. Weekly Jobless Claims came in at 570,000, while the 4-week moving average fell slightly to 566,000. Second quarter GDP was unchanged from last month’s estimate of -1.0%, beating forecast. Stocks moved lower after the FDIC added 111 lenders to its list of “problem banks”, pushing the total to 416, a 15-year high. Oil prices dipped below $70 per barrel on increased inventories. The Treasury will hold an auction of 7-year notes this afternoon at 1:00 PM.

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