Daily Market Update 12/1/09

Mortgage rates remained mostly unchanged Tuesday following the release of mixed economic news. Pending Home Sales rose 3.7% in October as first-time buyers rushed to take advantage of the $8,000 tax credit. A decrease of -1.0% was expected. The Institute for Supply Management manufacturing index fell a bit more than forecast to 53.6 last month from 55.7. A reading above 50 indicates expansion in the manufacturing sector of the economy. No other data will be released today.

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