Daily Market Update 7/13/11

Rates held steady Wednesday ahead of Fed Chairman Bernanke’s testimony before the House Financial Services Committee.  This morning, June Import Prices declined by 0.5% from May, largely due to lower oil prices.  The Mortgage Bankers Association weekly purchase activity index fell by 3%, while the refinancing activity index dropped by 6%.  Average reported 30-year fixed rates declined to 4.55% last week, not including fees.  Results from today’s 10-year Treasury auction will be released at 1:00 PM.

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