Daily Market Update 5/17/12

Mortgage rates held steady Thursday in quiet trading.  This morning, weekly Jobless Claims came in at 370,000, above the consensus forecast of 365,000.  The Philly Fed index, a business outlook survey of manufacturers in Pennsylvania, New Jersey, and Delaware, fell to -5.8, much worse than expected.  Readings below zero indicate contraction in the manufacturing sector.  Leading Indicators fell 0.1%, below expectations.  Freddie Mac reported that average 30-year fixed rates fell to a new record low of 3.79% with 0.7 “points” last week.  No other key data will be released today.

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