Daily Market Update 7/21/10

Mortgage rates moved slightly higher Wednesday reflecting a drop in mortgage-backed securities prices late Tuesday. The Mortgage Bankers Association weekly purchase activity index rose 3%, the first increase in five weeks. The refinance activity index rose 9%, as average 30-year fixed rates fell to 4.59%, the lowest level on record. The Dodd-Frank financial regulatory reform bill will be signed today by President Obama. The far-reaching 2300 page bill will be phased in over time, and many aspects of the legislation have yet to be decided. This afternoon, Fed Chairman Ben Bernanke will deliver his semi-annual testimony to Congress at 2:00 PM. No economic data will be released today.

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