Daily Market Update 12/2/09

Rates inched higher Wednesday, reflecting a brief sell off in mortgage-backed securities late Tuesday. Yesterday, Philadelphia Federal Reserve President Charles Plosser indicated the Fed might need to begin raising interest rates while unemployment remains high. In economic news, the ADP forecast for Friday’s Employment data came in close to expectations. The Mortgage Bankers Association weekly purchase activity index rose by 4%. Average reported 30-year fixed rates fell last week to 4.79% with 0.7 points, the lowest level since May 15. The Fed’s Beige Book, a survey of economic conditions by the Federal Reserve’s 12 regional banks, will be released at 2:00 PM.

Leave a Reply

Your email address will not be published.

Back to top