Daily Market Update 12/23/10

Mortgage rates were little changed Thursday in quiet trading. In economic news, Durable Goods Orders fell 1.3%, a bit more than expected. Excluding volatile transportation orders, however, the results exceeded expectations. November Personal Income rose 0.3%, beating forecast. The Core PCE price index, the Fed’s preferred measure of inflation, rose at a tame 0.8% annual rate, matching October’s record low level. Weekly Jobless Claims remained unchanged at 420,000. New Home Sales came in at 290,000, a bit weaker than expected. The Treasury will auction $99 billion of 2-, 5-, and 7-year notes next week. Mortgage-backed securities markets will close early today and remain closed until Monday. Merry Christmas!

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