Daily Market Update 12/23/09

Mortgage rates were little changed Wednesday following the release of weaker than expected economic data. Personal Income and Consumer Sentiment both rose in November, but fell short of forecast. New Home Sales declined sharply to 355,000 units, well below expectations, to a 7 month low. The Mortgage Bankers Association weekly purchase activity index fell 12%, while the refinancing activity index decreased by 10%. The Treasury will auction a record-tying $118 billion of 2-, 5-, and 7-year notes next week. No other data will be released today.

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