Daily Market Update 10/26/12

Mortgage rates held steady Friday.  In economic news, preliminary third quarter Gross Domestic Product (GDP) figures showed economic growth of 2.0%, slightly above forecast, and up from an anemic 1.3% growth rate for the second quarter.  A 2% growth rate is generally consistent with a steady labor market, but insufficient for significant improvement.  Consumer Sentiment came in at 82.6, the highest level since September 2007, but below expectations.  Stocks were mixed.  Next week, the Core PCE price index, the Fed’s preferred measure of inflation, will be released on Monday, the Institute for Supply Management manufacturing index will come out on Thursday, and the closely-watched Non-farm Payrolls and Employment Report for October will be released on Friday.  No other key data will be released today.

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