Daily Market Update 10/12/11

Mortgage rates were little changed Wednesday, but have risen by about 3/8% over the past week, as investors have expressed renewed optimism over the European debt crisis and the September Employment Report.  Minutes from last month’s FOMC meeting of the Fed will be released at 2:00 PM.  Results from today’s 10-year Treasury auction will be released at 1:00 PM.  The Mortgage Bankers Association weekly purchase activity index rose by 1.1%, while the refinancing activity index increased by 1.3%.  Average reported 30-year fixed rates rose to 4.25%, not including fees.

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