Daily Market Update 12/23/11

Mortgage rates inched higher Friday ahead of the extended holiday weekend.  In economic news, November Durable Goods Orders rose 3.8%, which was nearly double the consensus forecast.  Excluding volatile aircraft orders, however, the data fell short of expectations.  The Core PCE price index, a key measure of inflation used by the Fed, increased 0.1% last month, and was a tame 1.7% higher than one year ago.  New Home Sales rose by 1.6% to 315,000 annual units, matching forecast.  Mortgage-backed securities markets will close early today.  Seasons Greetings!

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