Daily Market Update 8/25/10

Mortgage rates were little changed Wednesday in spite of weaker than expected economic data. July Durable Goods Orders rose 0.3%, far below the consensus forecast of +2.5%. Meanwhile, the Commerce Department reported New Home Sales fell in July by 12.4% to an annual rate of 276,000 units, the lowest level since 1963. The Mortgage Bankers Association weekly purchase activity index rose 0.6%, while the refinancing activity index increased 5.7%. Average reported 30-year fixed rates fell to 4.55% (excluding fees), a new record low. Results from today’s 5-year Treasury auction will be released at 1:00 PM.

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