Daily Market Update 7/25/12

Mortgage rates were little changed Wednesday as mortgage-backed securities gave back Tuesday's gains.  In economic news, New Home Sales fell by 8.4% in June to 350,000 annual units.  An increase to 375,000 had been expected.  The Mortgage Bankers Association weekly purchase activity index decreased 2.8%, while the refinancing activity index rose 1.8%.  Average reported 30-year fixed rates remained unchanged at 3.75%, not including fees.  No other key data will be released today.