Daily Market Update 3/21/12

Rates remained volatile as mortgage-backed securities bounced back from yesterday's sharp losses.  In economic news, Existing Homes Sales declined 0.9% in February to an annual rate of 4.59 million units, below forecast.  The Mortgage Bankers Association weekly purchase activity index fell by 1.0%, while the refinancing activity index declined by 9.3%.  Average reported 30-year fixed rates rose to 4.19%, not including fees.  No other key data will be released today.