Daily Market Update 10/27/10

Mortgage rates continued trending higher Wednesday on stronger than expected economic data. September Durable Goods Orders rose 3.3%, above the consensus forecast of +1.8%, led by the volatile transportation component. New Home Sales jumped 6.6% in September, beating expectations. The Mortgage Bankers Association (MBA) weekly purchase activity index rose by 4%, while the refinancing activity index increased by 3%. MBA Chief Economist Jay Brinkmann said interest rates will likely rise from current near-record low levels to 5.1% by the end of 2011. Results of today’s 5-year Treasury auction will be released at 1:00 PM.

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