Daily Market Update 10/28/09

Rates inched lower Wednesday as New Home Sales unexpectedly fell by 3.6% last month. September Durable Goods Orders rose 1.0%, matching forecast. The Mortgage Bankers Association reported the weekly purchase activity index fell by 5%, while the refinancing activity index declined by 16%. The Senate moved closer to passing a modified extension of the first time homebuyer tax credit. Preliminary third quarter GDP figures will be released tomorrow at 8:30 AM.

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