Daily Market Update 5/27/09

Mortgage rates moved higher Wednesday as investors sold mortgage-backed securities ahead of today’s Treasury auction of 5-year notes and tomorrow’s auction of 7-year notes. In economic news, Existing Home Sales rose 2.9% in April, beating forecast. The national median price fell 15.4% from a year earlier, as distressed properties accounted for 45% of all sales. Stocks were mixed. Durable Goods Orders and New Home Sales data will be released Thursday.

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