Daily Market Update 3/28/11

Mortgage rates inched higher Monday on mixed economic data. The February Core PCE price index, the Fed’s preferred measure of inflation, rose 0.2% from January, matching expectations. The trend in the annual rate is moving higher, however. Personal Income increased by 0.3%, slightly below forecast. The February Pending Home Sales index, a leading indicator, rose by 2.1%, beating the consensus estimate of +0.5%. Results from today’s 2-year Treasury auction will be released at 1:00 PM.

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