Daily Market Update 11/24/10

Mortgage rates moved higher Wednesday on the release of stronger than expected economic data. Weekly Jobless Claims fell to 407,000, below the consensus forecast of 440,000, and the lowest level since July 2008. Consumer Sentiment rose to 71.6, the highest reading since June. New Home Sales came in under expectations at 283,000 annual units. Durable Goods Orders fell by 3.3%, more than forecast. The Mortgage Bankers Association weekly purchase activity index increased by 14.4% to the highest level since early May. Stocks rallied, hurting bonds and mortgage-backed securities (MBS). Results from today’s 7-year Treasury auction will be released at 1:00 PM. The MBS market will be closed tomorrow in observance of Thanksgiving, and will close early on Friday.

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