Daily Market Update 2/23/11

Rates held steady Wednesday in volatile trading. January Existing Home Sales rose unexpectedly to an 8-month high. The Mortgage Bankers Association weekly purchase activity index increased by 5%, while the refinancing activity index increased by 18%. Average reported 30-year fixed rates fell to 5.00%, not including fees. Results from today’s 5-year Treasury auction will be released at 1:00 PM.

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