Daily Market Update 2/9/11

Rates moved higher Wednesday, reflecting a late sell off of mortgage-backed securities on Tuesday. Fed Chairman Ben Bernanke testifies before the House Budget Committee at 10:00 AM. Results from today’s 10-year Treasury auction will be released at 1:00 PM. The Mortgage Bankers Association weekly purchase activity index fell by 1%, while the refinancing activity index decreased by 8%. Average reported 30-year fixed rates rose to 5.13% last week, the highest level since April 9, 2010. No key economic data will be released today.

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