Daily Market Update 8/17/12

Mortgage rates were little changed Friday, but were .25% higher for the week.  In economic news, Consumer Sentiment rose unexpectedly to 73.6, the highest level in three months.  Leading Indicators increased 0.4%, slightly better than forecast.  The U.S. Treasury announced it will require mortgage giants Fannie Mae and Freddie Mac to reduce their investment portfolios by 15% per year and turn all future profits over to the Treasury to minimize losses to U.S. taxpayers.  Next week’s key data includes the release of minutes from the recent FOMC meeting of the Fed and Existing Home Sales on Wednesday, New Home Sales on Thursday, and Durable Goods Orders on Friday.  No other data will be released today.

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