Daily Market Update 10/13/10

Mortgage rates inched higher Wednesday as a rally in the stock market hurt mortgage-backed securities. This morning, the Mortgage Bankers Association weekly purchase activity index fell 8.5%, while the refinance activity index increased 14.6%. Average reported rates for the past week fell to 4.21%, not including fees. Results of today’s 10-year Treasury auction will be released at 1:00 PM. No key economic data will be released today.

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