Daily Market Update 9/3/13

Mortgage rates inched higher following the released of stronger than expected economic data.  This morning, July Construction Spending rose by 0.6%, beating forecast.  The Institute for Supply Management manufacturing index increased unexpectedly to 55.7 from 55.4.  Readings above 50.0 indicate expansion in the manufacturing sector of the economy.  Stocks opened higher as the U.S. did not launch a military strike against Syria over the weekend, increasing pressure on mortgage-backed securities.  No other key data will be released today.

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