Daily Market Update 7/26/12

Mortgage rates faced upward pressure Thursday as news from Europe boosted stock prices and hurt mortgage-backed securities.  The President of the European Central Bank (ECB) said that the ECB will do "whatever it takes" to preserve the European Union.  Bond yields in troubled European countries declined sharply.  In the U.S., Durable Goods Orders rose 1.6% in June, beating expectations.  Weekly Jobless Claims fell to 353,000, well below forecast.  Pending Home Sales declined unexpectedly by 1.0%.  Results from today's 7-year Treasury auction will be released at 1:00 PM.