Daily Market Update 12/21/11

Mortgage rates inched higher Wednesday.  In economic news, Existing Home Sales rose 4.0% in November.  In a related story, the National Association of Realtors (NAR) lowered its estimated home sales figures from 2007 to present by 16.7%.  The NAR cited a correction in its methods of calculation for the large downward adjustment.  The Mortgage Bankers Association weekly purchasing activity index fell by 4.9%, while the refinancing activity index declined by 1.6%.  Average reported 30-year fixed rates fell to 4.08%, not including fees, which was the lowest rate this year.  Results from today’s 7-year Treasury auction will be released at 1:00 PM.

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