Daily Market Update 5/28/13

Mortgage rates continued their upward trend Tuesday following the release of stronger than expected economic data.  This morning, the March S&P/Case-Shiller 20-city home price index rose 1.4% and was 10.9% higher than one year ago.  Consumer Confidence jumped to 76.2, well above forecast, to the highest level since February 2008.  Stocks surged, hurting mortgage-backed securities.  Conventional 30-year fixed rates have now risen by 1/2% in the past three weeks.  Results from today’s 2-year Treasury auction will be released at 1:00 PM.

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