Mortgage Market Update 1/24/18

Rates moved higher Wednesday as a rally in stocks hurt bonds and mortgage-backed securities.  In economic news, the National Association of Realtors reported December Existing Home Sales fell 3.6% to 5.57 million annual units, below the consensus forecast of 5.70 million.  Severe inventory shortages, particularly among lower- to medium-priced homes, was cited as the main reason for the decline in sales.  Results from today’s 5-year Treasury auction will be released at 1:00 PM.

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