Market Update
It has been a relatively quiet week for mortgages. Yesterday, Existing Homes Sales came in strong rising by 6.8% in March as homebuyers took advantage of the expiring home buyer tax credit. Pending Homes Sales will be released later this morning, which is also expected higher. Durable Goods Orders were released this morning, showing an impressive rise in business orders. Mortgage prices sold off yesterday afternoon and that trend is continuing this morning with rates rising. The Federal Open Market Committee (FOMC) meets again next week with an announcement coming on Wednesday.