Daily Market Update 10/27/16

Mortgage rates faced upward pressure Thursday as news from outside the U.S. caused global bond yields to move higher.  In the U.K., third quarter GDP beat expectations.  In Spain, the unemployment rate declined more than expected.  Given the strong data, the European Central Bank may provide less additional stimulus at its next meeting on December 8.  Separately, the Governor of the Bank of Japan said the BOJ may not increase its bond purchase program.  In the U.S., September Durable Goods Orders fell 0.1%, below the consensus forecast for a 0.2% increase.  Weekly Jobless Claims came in close to expectations.  Pending Home Sales rose 1.5% in September, slightly above forecast.  Results from today’s 7-year Treasury auction will be released at 1:00 PM.

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