Rates held steady Tuesday as mortgage-backed securities recovered from early losses following the release of weaker than expected economic data. This morning, the Chicago Purchasing Managers Index declined to 60.5, below the consensus forecast of 62.0. Readings above 50.0 indicate expansion in manufacturing in the Midwest Region. Consumer Confidence fell to 86.0, far short of expectations. The S&P Case-Shiller 20-city home price index rose 0.6% in July and was 6.7% higher than one year ago. On a seasonally adjusted basis, July home prices actually declined by 0.5%, the worst single month performance since November 2011. Stocks moved lower. No other data will be released today.