Daily Market Update 5/25/11

Rates were little changed Wednesday in volatile trading.  This morning, the Commerce Department reported that April Durable Orders fell 3.6% from March, more than expected.  European Central Bank officials stated that Greece must adopt tough austerity measures to remain a member of the Euro zone.  The Mortgage Bankers Association weekly purchase activity index rose by 2%, while the refinancing activity index increased by 1%.  Average reported 30-year fixed rates rose to 4.69% last week.  Results from today's 5-year Treasury auction will be released at 1:00 PM.