Daily Market Update 7/27/11

Rates were little changed Wednesday in another day of volatile trading.  This morning, June Durable Goods Orders declined 2.1%, below the consensus forecast.  The Mortgage Bankers Association weekly purchase activity index fell by 4%, while the refinancing activity index declined by 6%.  Average reported 30-year fixed rates rose last week to 4.57%, not including fees.  Stocks moved lower as investors remained focused on debt ceiling negotiations.  Results from today’s 5-year Treasury auction will be released at 1:00 PM.  The Beige Book, a survey of economic activity by the Fed’s 12 regional banks, will be released at 2:00.

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