Rates moved higher Wednesday as a rally in global stock markets hurt bonds and mortgage-backed securities. Investor concerns about Europe eased somewhat following the release of austerity measures by Italy and Greece. The Mortgage Bankers Association weekly purchase activity index rose 0.2%, while the refinancing activity index declined by 6.3%. Average reported 30-year fixed rates fell to 4.23%, not including fees. The Fed’s Beige Book, a survey of economic conditions by the twelve regional Federal Reserve Banks, will be released at 2:00 PM.