Daily Market Update 7/22/10

Mortgage rates inched lower Thursday reflecting improvement in mortgage-backed securities (MBS) markets late Wednesday. Stock prices rallied this morning on higher earnings forecasts, applying some upward pressure on rates. In economic news, Existing Home Sales fell 5.1% in June, less than expected. Leading Indicators declined 0.2%, the second drop in the past three months. Weekly Jobless Claims rose to 464,000, above the consensus forecast of 450,000. Fed Chairman Bernanke will wrap up his second day of testimony before Congress this afternoon.

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