Daily Market Update 3/25/09

Mortgage rates were unchanged Wednesday following the release of stronger than expected economic data. Durable Goods Orders rose 3.4% in February, far above a forecast. New Home Sales rose 4.7% last month, driven by low interest rates, falling home prices, and the $8,000 first-time homebuyer tax credit. A small decline had been anticipated. Some analysts see these reports as further evidence the economy has begun to stabilize. Stocks moved higher on the data. In other news, the Fed began purchasing long-term US Treasurys today in an effort to hold down interest rates. Mortgage applications spiked last week as refinance activity rose sharply. Processing times slowed due to capacity limitations.

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