Daily Market Update 12/7/11

Mortgage rates were little changed Wednesday in quiet trading.  This morning, a German official expressed skepticism that all 27 countries in the European Union will agree to tighter budget controls.  The Mortgage Bankers Association weekly purchase activity index rose 8.3% last week, while the refinancing activity index increased by 15.3%.  Average 30-year fixed rates fell to 4.18%, not including fees.  No key economic data will be released today.

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