Daily Market Update 10/9/12

Mortgage rates held steady Tuesday.  Treasurys benefited from falling stock prices, but mortgage-backed securities were little changed.  With no key economic data scheduled for release today in the U.S., investors turned their focus to events in Europe.  Protests against austerity measures and a visit by German Chancellor Angela Merkel turned violent in Greece.  Meanwhile, the International Monetary Fund (IMF) cut its global growth forecast to 3.3% this year, from 3.5% estimated in July.  A deepening recession in Europe and increased economic uncertainty in the U.S. were cited in the reduction.

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