Daily Market Update 1/8/15

Rates inched higher Thursday as a rally in stocks hurt mortgage-backed securities.  This morning, weekly Jobless Claims slipped to 294,000, close to forecast.  President Obama is scheduled to deliver a speech on the housing market at 12:25 PM.  Yesterday the White House announced plans to reduce the cost of monthly mortgage insurance on FHA loans in an effort to encourage more first-time home buyers to enter the market.  It is not yet clear that Congress will approve the measure, but we should know more in coming days.  Tomorrow, the closely-watched Employment Report for December will be released at 8:30 AM.

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