Daily Market Update

Rates held steady Wednesday ahead of this afternoon’s auction of 10-year Treasuries. Auction results will be released at 1:00 PM. Yesterday’s auction of 3-year notes was met with average demand, an improvement over the results from the Treasury’s last auction two weeks ago. The Mortgage Bankers Association weekly purchase activity index rose 0.2%, while the refinancing activity index decreased by 17%. Average reported 30-year fixed rates rose last week to 5.31% with 0.64 points, the highest level since August. No economic data will be released today.

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