Daily Market Update 11/14/13

Mortgage rates edged lower Thursday as Fed Chairman nominee Janet Yellen began her Senate confirmation hearing.  She has been a strong advocate of the Fed’s “Quantitative Easing” program and is considered likely to maintain an accommodative approach to monetary policy.  Her confirmation is probable.  In economic news, weekly Jobless Claims rose to 339,000, slightly above estimates.  Third quarter Productivity declined to 1.9%, which was close to forecast.  Results from today’s 30-year Treasury auction will be released at 1:00 PM.

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