Daily Market Update 9/22/11

Rates moved lower Thursday as sharp declines in global stock markets boosted mortgage-backed securities.  Yesterday, the Fed announced plans to shift $400 billion of Treasury holdings to long-term from short-term securities in an effort to drive down long-term rates.  The Fed statement indicated an uncertain economic outlook by the central bank, resulting in a sharp sell-off of stocks.  Rates on 30-year fixed mortgages reached an all-time low this morning.  In economic news, weekly Jobless Claims fell to 423,000, above forecast.  Leading Indicators rose 0.3%, a bit more than expected.  No other key data will be released today.

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