Daily Market Update 2/4/13

Mortgage rates were little changed Monday following extremely volatile trading last Friday.  Friday’s Employment Report for January initially boosted mortgage-backed securities (MBS) as the Unemployment Rate rose unexpectedly to 7.9%  Data released later in the morning, including the Institute for Supply Management manufacturing index, Consumer Sentiment, and Construction Spending all came in above forecast, causing stocks to rally and hurting MBS’s.  This morning, Factory Orders rose 1.8%, slightly less than expected.  Stocks have moved lower, allowing MBS’s to erase Friday’s losses.  No other key data will be released today.

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