Daily Market Update 6/10/15

Rates faced upward pressure Wednesday as higher stock prices pushed mortgage-backed securities lower.  In economic news, the Mortgage Bankers Association weekly mortgage activity index rose 8.4% as the average reported conventional 30-year fixed rate surged to 4.17% from 4.02%, not including fees.  Borrowers rushed to lock in on the expectation that rates will continue moving higher.  Results from today’s 10-year Treasury auction will be released at 1:00 PM.

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