Mortgage Market Movement

Though coming in just below expectations, Existing Home Sales actually rose 1% to an annualized 4.87 million units bought/sold.  Initial Jobless Claims were right in line with forecasts, and there continue to be just over 3 million Americans collecting an unemployment check every week.  On the other side of the planet, Chinese manufacturing has contracted to a six-month low.  Traders are selling equities to gobble up bonds this morning, allowing us to bounce back from yesterday’s sell-off and keeping interest rates range bound.