Daily Market Update 5/11/11

Mortgage rates moved higher Wednesday reflecting activity in mortgage-backed securities markets late yesterday.  This morning, the April Trade Deficit came in at $48.2 billion, a bit larger than forecast.  The Mortgage Bankers Association weekly purchase activity index rose by 7%, while the refinancing activity index increased by 9%.  Average reported 30-year fixed rates for last week fell to 4.67%, not including fees.  Results from today’s 10-year Treasury auction will be released at 1:00 PM.  If you missed the opportunity to refinance when rates fell to 50-year lows last summer, you might want to consider our current 10- and 15-year conventional fixed rates, at 3.50% and 4.00%, respectively.  Please call for details.

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