Daily Market Update 9/29/11

Mortgage rates were little changed Thursday despite the release of stronger than expected economic data and a stock market rally.  The final reading for second quarter GDP was revised higher to 1.3% from 1.0%.  Weekly Jobless Claims fell to 391,000, well below the consensus forecast of 420,000, to the lowest level since April 1.  August Pending Home Sales declined 1.3%, slightly less than expected.  Earlier today, Germany passed a vote to provide increased aid to struggling European nations.  Results from today’s 7-year Treasury auction will be released at 1:00 PM.

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