Daily Market Update 1/29/10

Mortgage rates were little changed Friday in spite of much stronger than expected economic data. Fourth quarter preliminary Gross Domestic Product (GDP) grew by 5.7%, well above the consensus forecast of 4.6%. The Chicago Purchasing Managers Index rose to 61.5. A reading above 50.0 indicates expansion in the manufacturing sector. Consumer Sentiment reached a 2-year high at 74.4, beating expectations. The big news next week will be Friday’s Employment Report for January. No other data will be released today.

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