Daily Market Update 9/7/11

Rates moved higher Wednesday as a rally in global stock markets hurt bonds and mortgage-backed securities.  Investor concerns about Europe eased somewhat following the release of austerity measures by Italy and Greece.  The Mortgage Bankers Association weekly purchase activity index rose 0.2%, while the refinancing activity index declined by 6.3%.  Average reported 30-year fixed rates fell to 4.23%, not including fees.  The Fed's Beige Book, a survey of economic conditions by the twelve regional Federal Reserve Banks, will be released at 2:00 PM.