Daily Market Update 10/29/09

Mortgage rates were little changed Thursday as mortgage-backed securities (MBS) outperformed Treasuries. In economic news, preliminary third quarter Gross Domestic Product (GDP) figures showed the economy grew at an annual rate of 3.5% in July through September, beating the consensus forecast of +3.2%. Weekly Jobless Claims came in at 530,000, a bit higher than expected. Stocks rallied. The Treasury wraps up its 3-day auction this afternoon at 1:00 PM with the sale of 7-year notes. No other data will be released today.

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