Daily Market Update 11/12/14

Rates held steady Wednesday as mortgage-backed securities recovered most of Monday’s late losses.  Factory output in the euro zone was weaker than expected in September, causing economists to lower their forecasts for third quarter GDP growth in Europe.  The Mortgage Bankers Association weekly purchase activity index rose 1%, while the refinance activity index fell 2%.  Average reported conventional 30-year fixed rates rose to 4.19%.  Results from today’s 10-year Treasury auction will be released at 1:00 PM.

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