Daily Market Update 7/14/10

Mortgage rates inched lower Wednesday on weaker than expected economic data. June Retail Sales fell 0.5%, below forecast. The Mortgage Bankers Association weekly purchase activity index declined 3.1% to the lowest level in 13 years. The refinancing activity index fell 2.9% in spite of near-record low interest rates. The average reported rate for 30-year fixed mortgages was 4.69% last week. The results from today’s 30-year Treasury auction will be released at 1:00 PM. Minutes from last month’s FOMC meeting will be released at 2:00 PM. The Dodd-Frank financial regulatory reform bill, which has already passed the House, appears closer to passage in the Senate with the support of three Republicans. Full ramifications of the enormously complicated, often ambiguous, 2,300 page bill may take years to known, but will likely benefit the biggest financial institutions, while raising borrowing costs to consumers.

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