Daily Market Update 4/20/11

Mortgage rates were largely unchanged Wednesday as mortgage-backed securities recovered from early losses. Existing Home Sales rose 3.7% in March to a 5.1 million annual rate, slightly above expectations. The Mortgage Bankers Association weekly purchase activity index rose by 10%, the first gain in over a month, while the refinancing activity index increased by 3%. Average reported 30-year fixed rates for last week fell to 4.83%, not including fees. No other economic data will be released today.

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