Daily Market Update 12/22/15

Rates inched higher Tuesday reflecting yesterday’s late drop in mortgage-backed securities.  This morning, third quarter GDP was revised lower to 2.0% growth, in line with expectations.  November Existing Home Sales plummeted by 10.5% to 4.76 million annual units, far below the consensus forecast of 5.3 million.  Onerous new regulations on lenders by the Consumer Financial Protection Bureau (CFPB) that went into effect in October was seen as a contributing factor in the sharp decline.  Stocks moved lower.  No other key data will be released today.

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