Daily Market Update 3/14/12

Mortgage rates moved higher Wednesday following yesterday’s Fed announcement.  Investors expressed increased concerns about inflation and lower expectations for additional quantitative easing by the Fed.  Mortgage-backed securities were also hurt by sharply higher stock prices.  In economic news, Import Prices rose by 0.4%, less than expected.  The Mortgage Bankers Association weekly purchase activity index jumped 4.4%, while the refinancing activity index fell 4.1%.  Average 30-year fixed rates remained unchanged at 4.06%, not including fees.  Results from today’s 30-year Treasury auction will be released at 1:00 PM.

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