Daily Market Update 4/5/10

Rates inched higher Monday on stronger than expected economic data. The Institute for Supply Management services index came in at 55.4, up from 50.0 last month. Readings above 50.0 indicate expansion in the services sector of the economy. Pending Home Sales rose 8.2% in February. A 1.0% decline had been forecast. Analysts credit the $8,000 first-time homebuyer, and $6,500 repeat buyer tax credits, which are due to expire April 30, with much of the surge. No other data will be released today.

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