Daily Market Update 7/30/10

Mortgage rates were little changed Friday as mortgage-backed securities gave up early gains sparked by weaker than expected economic data. Second quarter Gross Domestic Product (GDP) increased at a 2.4% annual rate, below the consensus forecast of 2.5%, and well below first quarter GDP growth of 3.7%. The Chicago PMI manufacturing index rose to 62.3, beating expectations. July Consumer Sentiment fell to 67.8, the lowest level since November. Stocks moved lower. The big economic news next week will be the July Non-farm Payrolls report due out Friday. No other data will be released today.

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