Daily Market Update 5/18/11

Rates were little changed Wednesday in volatile trading.  No economic data will be released today, but the Fed will release the Minutes from last month’s FOMC meeting at 2:00 PM.  The Mortgage Bankers Association weekly purchase activity index fell 3%, while the refinancing activity index rose by 13%.  Average reported 30-year fixed rates fell to 4.60% last week, not including fees.

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