Daily Market Update 10/24/12

Mortgage rates faced upward pressure Wednesday ahead of this afternoon’s Fed statement.  In economic news, New Home Sales rose 5.7% to 389,000 annual units, slightly above forecast, to the highest level in two years.  The Mortgage Bankers Association weekly purchase activity index fell by 8.3%, while the refinancing activity index declined by 12.9%.  Average reported 30-year fixed rates rose to 3.63%, not including fees.  The Fed announcement will come out at 2:15 PM.  No major changes in monetary policy are expected.

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