Daily Market Update 3/25/11

Rates were little changed Friday, wrapping up one of the quietest weeks of the year in mortgage-backed securities markets. In economic news, fourth quarter 2010 GDP was revised higher to 3.1% from 2.8%, slightly above forecast. Consumer Sentiment came in close to expectations. The biggest economic event next week will be the Employment Report on Friday. Early estimates are for a net gain of 170,000 jobs in March. The FDIC is expected to release its definition of a Qualified Residential Mortgage (QRM) next week. The announcement will clarify which loans will be subject to risk retention rules, potentially raising the cost to consumers of certain high loan-to-value mortgages. No other data will be released today.

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