Daily Market Update 4/27/11

Mortgage rates were little changed Wednesday. Mortgage-backed securities gave back yesterday’s late gains in early trading ahead of this afternoon’s Fed announcement and Chairman Ben Bernanke’s first-ever press conference. The Fed will wrap up its two-day FOMC meeting and release a statement at about 12:15. The press conference will begin at 2:15. In economic news, March Durable Orders rose 2.5%, above the consensus forecast. A weaker dollar has made exports cheaper abroad, which has helped the US manufacturing sector. Results from today’s $35 billion 5-year Treasury auction will be released at 1:00 PM. The Mortgage Bankers Association weekly purchase activity index fell by 14%, while the refinancing activity index declined by 1%. Average reported 30-year fixed rates last week fell to 4.80%.

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