Daily Market Update 9/12/12

Mortgage rates faced upward pressure Wednesday after a German court ruled in favor of a European Central Bank (ECB) aid program, allowing it to move forward.  Global stocks rallied, pushing mortgage-backed securities lower.  In economic news, August Import Prices rose 0.7%, below the consensus forecast of 1.5%.  The Mortgage Bankers Association weekly purchase activity index rose 8.1%, while the refinancing activity index jumped 11.9%.  Average reported 30-year fixed rates fell to 3.75%, not including fees.  Results from today's 10-year Treasury auction will be released at 1:00 PM.