Daily Market Update 8/31/10

Mortgage rates inched lower Tuesday on mixed economic data. The Chicago Purchasing Managers Index declined more than expected to 56.7 from last month’s reading of 62.3. Readings above 50.0 indicate expansion in the manufacturing sector of the economy. Meanwhile, Consumer Confidence rose to 53.5, beating forecast. Minutes from the last FOMC meeting indicate the Fed considered resuming purchases of mortgage-backed securities in an effort to push mortgage rates even lower. No other data will be released today.

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