Daily Market Update 12/21/12

Mortgage rates edged lower Friday as investors became increasingly concerned about the chances that a deal would be reached to avoid the “fiscal cliff” before year end.  Last night, Republicans in the House failed to agree on a more modest “Plan B” approach, which President Obama and Democrats in the Senate had already dismissed as inadequate.  In economic news, November Durable Goods Orders increased by 0.7%, beating forecast.  Personal Income rose 0.6%, above the consensus of 0.4%.  The Core PCE price index, the Fed’s preferred measure of inflation, was unchanged in November, and was a tame 1.5% higher than one year ago.  Consumer Sentiment fell to 72.9, below expectations.  No other key data will be released today.  After today, I will be out until January 2nd.  Have a Merry Christmas and Happy New Year!

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