5/4/10

Yesterday was not a particularly busy day on mortgage trading desks, although rates were a little higher to start the day. We did have a fair amount of news, all of it reflecting economic recovery. The ISM Manufacturing Index increased in April and growing at its fastest pace since 2004. Construction Spending increased .2% from the revised February number (private construction. Today we will have Factory Orders and Pending Home Sales, and ahead of that we have a rally: This morning mortgage prices are slightly improved.