Daily Market Update 1/9/13

Mortgage rates were little changed Wednesday, although mortgage-backed securities faced some pressure from a rally in stock prices.  Investors are also concerned about the lack of progress in deficit reduction talks.  No key economic data will be released today.  The Mortgage Bankers Association weekly purchase activity index rose 9.6%, while the refinancing activity index jumped 12.1%.  Average reported 30-year fixed rates increased to 3.61%, not including fees, a two month high.  Rates have risen by about 1/4% over the past four weeks.  Results from today’s 10-year Treasury auction will be released at 1:00 PM.

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