Daily Market Update 3/9/11

Mortgage rates were unchanged Wednesday in quiet trading. The Mortgage Bankers Association weekly purchase activity index rose by 13%, while the refinancing activity index increased by 17%. Average reported 30-year fixed rates for the past week rose to 4.93%, not including fees. Results from today’s 10-year Treasury auction will be released at 1:00 PM. The National Association of Mortgage Brokers (NAMB) is expected to file suit today against the Fed in an effort to prevent onerous new loan officer compensation rules from going into effect April 1. The National Association of Independent Housing Professionals (NAIHP) filed suit on Monday. The Fed rule will benefit large financial institutions at the expense of small banks, mortgage brokers, loan officers, and consumers.

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