Daily Market Update 5/26/10

Rates remained near historic low levels on Wednesday, although stock market gains pressured mortgage-backed securities. April Durable Goods Orders rose 2.9%, above the consensus forecast of 1.5%. However, excluding volatile aircraft orders, the data fell short of expectations, declining by 1.0%. New Home Sales increased a solid 14.8% in April as buyers rushed to take advantage of expiring homebuyer tax credits. The Mortgage Bankers Association weekly purchase activity index fell 3%, to the lowest level since April 1997, while refinancing activity rose by 17%. There will be a 5-year Treasury auction at 1:00 PM.

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