Daily Market Update 1/28/13

Mortgage rates moved higher Monday in extremely volatile trading.  30-year fixed rates have now risen by about 1/4% over the past 10 days.  10-year Treasury yields reached 2.0% for the first time since last April.  In economic news, Durable Goods Orders rose 4.6%, far above the consensus forecast of +2.0%.  Pending Home Sales fell 4.3% in December, largely due to a lack of inventory.  Investors have now turned their focus to the two day Federal Open Market Committee (FOMC) meeting of the Fed which wraps up Wednesday afternoon, and Friday’s release of the Employment Report for January, the most closely watched economic data of the month.  Results of today’s 2-year Treasury auction will be released at 1:00 PM.

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