Daily Market Update 9/26/12

Mortgage rates were stable, to slightly lower Wednesday as concerns about Europe boosted mortgage-backed securities again today.  Protests in Spain and Greece have raised questions about the willingness of troubled countries to enact austerity measures.  In economic news, New Home Sales slipped 0.3% to 373,000 annual units, a bit below forecast.  The Mortgage Bankers Association weekly purchase activity index rose by 2.8%, while the refinancing activity index increased by 3.3%.  Average reported 30-year fixed rates fell 9 basis points to 3.63% (not including fees), a new record low.  Results from today’s 5-year Treasury auction will be released at 1:00 PM.

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