Daily Market Update 3/31/11

Rates were little changed Thursday as economic data came in close to expectations. Weekly Jobless Claims fell to 388,000, slightly above forecast. The Chicago Purchasing Managers index fell to 70.6. A reading of 70.0 had been expected. Factory Orders declined by 0.1% in February, below the projected increase of 0.5%. Yesterday, U.S. District Judge Beryl Howell denied two motions for a temporary restraining order to delay implementation of the Fed’s loan originator compensation rule scheduled to take effect April 1, while noting that the National Association of Mortgage Brokers (NAMB) had “sufficiently demonstrated that its members will likely be irreparably harmed by the implementation of the Board’s Rule”. Meanwhile, NAMB has filed an appeal and is moving forward with its lawsuit against the Fed.

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