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.