Daily Market Update 11/3/10

Mortgage rates eased Wednesday following the outcome of the mid-term elections, with Republicans taking control of the House and gaining seats in the Senate. In economic news, Factory Orders rose 2.1%, beating expectations. The Institute for Supply Management services index reading came in at 54.3, slightly above forecast. The FOMC meeting of the Federal Reserve will wrap up at 2:15 PM. While no rate change is expected, the Fed is likely to announce the details of its new monetary stimulus program. The news may produce a large reaction in the mortgage-backed securities market.

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