Daily Market Update 7/18/12

Mortgage rates remained unchanged Wednesday as mortgage-backed securities recovered from yesterday’s late selloff.  In economic news, June Housing Starts rose 7% to an annual rate of 760,000 units, beating forecast, although Building Permits, a leading indicator, fell short of expectations.  The Mortgage Bankers Association weekly purchase activity index declined by 0.1%, while the refinancing activity index surged 16.9%.  Average reported 30-year fixed rates fell to 3.74%, not including fees, another record low.  The Fed’s Beige Book, a survey of economic activity by the 12 regional Federal Reserve Banks, will be released at 2:00 PM.

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