Daily Market Update 12/22/10

Mortgage rates held steady Wednesday morning. In economic news, third quarter GDP was revised higher to +2.6% annual growth, slightly below forecast. Existing Home Sales rose 5.6%, in line with expectations. The Mortgage Bankers Association weekly purchase activity index fell by 3%, while the refinancing activity index plummeted by 25% on higher interest rates. Average reported 30-year fixed rates for the prior week rose to 4.85% not including fees. No other data will be released today.

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