Daily Market Update 5/23/12

Mortgage rates improved slightly this morning as concerns about Greece hurt stocks and boosted mortgage-backed securities.  European Union officials have agreed to make preparations in case Greece decides to exit from the EU.  In economic news, New Home Sales rose by 3.3% last month to 343,000 annual units, beating forecast.  The Mortgage Bankers Association weekly purchase activity index fell 3.0%, while the refinancing activity index increase 5.6%.  Average reported 30-year fixed rates declined to 3.93%, not including fees.  Results from today’s 5-year Treasury auction will be released at 1:00 PM.

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