Daily Market Update 3/27/13

Rates inched lower Wednesday as stocks fell following weaker than expected home sales and renewed concerns about Italy.  The vote in recent Italian elections was split between three parties, and they have been unable to form a coalition government, making recovery from its debt problems even more challenging.  In the U.S., the National Association of Realtors reported that the Pending Home Sales index fell 0.4%, far below expectations.  Lack of adequate inventory was cited as a key reason for the decline.  Results from today’s 5-year Treasury auction will be released at 1:00 PM.

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