Daily Market Update 10/26/10

Mortgage rates inched higher Tuesday. The mortgage-backed securities (MBS) market has been extremely volatile for the past two days and will likely remain so through next week. In addition to several key economic reports due out during the period, beginning with tomorrow’s release of Durable Goods Orders and culminating with next Friday’s Employment Report for October, mid-term elections will be held on Tuesday, followed by an FOMC meeting of the Fed on Wednesday. With mortgage rates near historic lows, a brief spike in rates may occur over the coming days. In economic news, Consumer Confidence rose to 50.2, a bit more than expected. Results from today’s 2-year Treasury auction will be released at 1:00 PM.

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