Daily Market Update 12/16/10

Mortgage rates moved higher Thursday reflecting Wednesday’s late sell-off of mortgage-backed securities. 30-year fixed rates have now risen by about 1% over the past five weeks. Trading remains highly volatile. In economic news, November Housing Starts rose 4% to an annual rate of 555,000 units, beating forecast. Separately, Building Permits, a leading indicator, fell 4% to the lowest level since April 2009. Weekly Jobless Claims declined to 420,000, in line with expectations. The tax deal passed the Senate yesterday and a vote in the House is expected today. Investors are waiting for news from Europe about the aid package for countries with debt troubles. No other data will be released today.

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