Daily Market Update 9/9/09

Mortgage rates remained mostly unchanged Wednesday ahead of this afternoon’s Treasury auction of 10-year notes. This morning, the US dollar dropped to its lowest level of the year. Stocks moved modestly higher. The Federal Reserve will release its Beige Book, a survey of economic activity by the Fed’s 12 regional banks, at 2:00 PM. The Mortgage Bankers Association weekly purchase activity index rose by 10%, while the refinancing activity index increased by 23%, as 30-year fixed rates approached 5% last week. No economic data will be released today.

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