Daily Market Update 8/28/13

Rates moved higher Wednesday as mortgage-backed securities gave back yesterday’s gains.  This morning, the National Association of Realtors reported that the July Pending Home Sales Index fell by 1.3%, a bit more than forecast.  The decline was attributed to increased mortgage rates in recent months.  Today’s 5-year Treasury auction results were rated “poor”, adding upward pressure to rates.  Oil prices jumped to $110 per barrel on concerns over Syria.  No other key data will be released today.

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