Daily Market Update 2/13/13

Mortgage rates inched higher Wednesday, continuing their upward trend.  In economic news, January Retail Sales rose 0.1%, matching expectations.  Import Prices increased 0.6%, mostly due to higher energy prices.  The Mortgage Bankers Association weekly purchase activity index fell 10%, while the refinancing activity index declined 6%.  Average reported 30-year fixed rates rose to 3.75% with 0.43 “points”, the highest level since September.  Results from today’s 10-year Treasury auction will be released at 1:00 PM.

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