Daily Market Update 7/24/13

Rates inched higher Wednesday following the release of stronger than expected manufacturing data in Europe and New Home Sales in the U.S.  New Home Sales jumped 8.3% in June to 497,000 annual units, a five-year high.  Separately, the Mortgage Bankers Association weekly purchase activity index fell by 2%, while the weekly refinance activity index declined by 1%.  Average reported conventional 30-year fixed rates fell to 4.58%, not including fees.  Results from today’s 5-year Treasury auction will be released at 1:00 PM.

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