Daily Market Update 6/27/12

Mortgage rates remained virtually unchanged Wednesday as investors showed little reaction to stronger than expected economic data.  Durable Goods Orders rose 1.1% in May, above the consensus forecast of 0.5%.  The May Pending Homes Sales index jumped 5.9%, offering further hope of stabilization in the housing market.  The Mortgage Bankers Association weekly purchase activity index fell 1.4%, while the refinancing activity index declined 8.3%.  Average reported 30-year fixed rates increased slightly to 3.88%.  Investors are now focused on the EU Summit taking place tomorrow and Friday.  Results from today’s 5-year Treasury auction will be released at 1:00 PM.

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