Daily Market Update 2/1/11

Mortgage rates moved slightly higher Tuesday as concerns about unrest in Egypt eased, helping stock markets and hurting mortgage-backed securities. In economic news, Construction Spending fell by 2.5%, far more than the consensus forecast of -0.5%. The Institute for Supply Management manufacturing index came in at 60.8, much better than expected. Readings above 50.0 indicate expansion in the manufacturing sector of the economy. No other key economic data will be released today.

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