Daily Market Update 3/18/11

Mortgage rates held steady Friday in the absence of any key economic data. Last night, the United Nations authorized the use of force against Libyan leader Gadhafi. As a result, Libya announced an end to all military actions, pushing stocks higher and pressuring mortgage-backed securities. Separately, the G7 nations intervened in currency markets to drive down the value of the yen to help boost the Japanese economy. Next week, Existing Home Sales will be released on Monday, New Home Sales on Wednesday, and Durable Goods Orders on Thursday.

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