Daily Market Update 3/21/11

Mortgage rates moved higher Monday on supply concerns after the Treasury announced that it will begin selling its remaining $142 billion in agency-guaranteed mortgage-backed securities holdings. Beginning this month, the Treasury plans to sell up to $10 billion per month to wind down the emergency program put in place during the financial crisis. In economic news, the National Association of Realtors reported Existing Home Sales fell by 9.6% in February, much more than expected. The median sales price declined by 5.2% year-over-year to $156,100. No other key data will be released today.

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