Daily Market Update 7/28/10

Rates held steady Wednesday as investors showed little reaction to weaker than expected economic data. June Durable Goods Orders declined 1.0%, below the consensus forecast for an increase of 1.0%. Excluding the volatile transportation component, orders fell 0.6%. Yesterday, the Obama Administration announced that it will provide a “comprehensive housing finance reform proposal” by January 2011 to address the future of Fannie Mae and Freddie Mac. The January release date pushes the debate forward until after the November midterm elections. Results from today’s 5-year Treasury auction will be released at 1:00 PM. The Federal Reserve’s Beige Book, a survey of economic activity by the Fed’s 12 regional banks, will come out at 2:00 PM. The Mortgage Bankers Association weekly purchase activity index rose by 2%, while the refinancing activity index fell by 6%. Average reported rates for 30-year fixed mortgages rose to 4.69%. No other data will be released today.

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