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U.S. Economy Contracted in Fourth Quarter – Market Update

by Anthony Fontana on January 30, 2013 in Market Update

The U.S. economy unexpectedly contracted in the fourth quarter. This is leading to a little bit of a rally this morning in U.S. Treasuries and also MBS prices, which is off-setting most of the losses that we incurred after a mid-day reprice yesterday.

What’s Up on Wall Street?

The Dow Jones Industrial Average decreased 15.21 points (-0.11%) while the Nasdaq increased 1.49 points (0.05%). Also, the S&P 500 dropped 1.84 points (-0.12%).

Current Rates

Here are some of today’s rates:

30-Year Fixed: 3.625% (3.818% APR)
15-Year Fixed: 2.875% (3.271% APR)
7-Year ARM: 2.625% (3.053% APR)

Visit our mortgage rates page to find out how much you can save with today’s rates, or use our mortgage calculator to find more rates and loan options.

Financial Links

Here are a few links to some of today’s financial articles. Be sure to leave a comment below if you know of any additional financial articles that are trending today.

CNNMoney

U.S. Economy Contracts for First Time since Recession

MarketWatch

ADP Shows Improving Labor Market in January

Reuters

Banks Repay ECB Crisis Funds, Toughen Lending Standards