Daily Market Update 1/12/11

Mortgage rates inched higher Wednesday as a strong bond auction in Portugal eased investor concerns and lifted global stock markets, reversing a flight to safety that has helped US bonds and mortgage-backed securities. In economic news, December Import Prices, excluding oil, rose 0.3%. The Beige Book, a survey of economic activity by the Fed’s 12 regional banks, will be released at 2:00 PM. The Mortgage Bankers Association weekly purchase activity index fell 4%, while the refinancing activity index rose 5%. Results from today’s 10-year Treasury auction will be released at 1:00 PM.

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