Daily Market Update 5/31/11

Mortgage rates were little changed Tuesday.  In economic news, the Chicago PMI manufacturing index declined to 56.6, below the consensus forecast of 62.5.  Readings above 50.0 represent an expansion of the manufacturing sector of the economy.  The Conference Board reported that Consumer Confidence fell to 60.8 in May from 65.4 in April.  Higher fuel prices and increased Jobless Claims were blamed for the decline.  The March Case-Shiller 20-city home price index fell by 0.8% from February and was 3.6% lower than one year ago, pushing home prices to their lowest levels since March 2003.  No other key data will be released today.

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