Daily Market Update 4/23/14

Mortgage rates were little changed Wednesday despite the release of weaker than expected housing data.  March New Home Sales fell by 14.5% to 384,000 annual units, far below forecast.  Sales declined by a surprisingly sharp 13.3% year-over-year.  Separately, the Mortgage Bankers Association weekly purchase activity index dropped by 3%, while the refinancing activity index fell by 4%.  The average reported conventional 30-year fixed rate rose to 4.49%, not including fees.  Stocks moved lower.  Results from today’s 5-year Treasury auction will be released at 1:00 PM.

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