Daily Market Update 10/10/12

Mortgage rates faced upward pressure Wednesday, reflecting market activity late yesterday.  In economic news, results from today's 10-year Treasury auction will be released at 1:00 PM.  The Fed's Beige Book, a survey of economic activity by the 12 regional Federal Reserve Banks, will be released at 2:00 PM.  The Mortgage Bankers Association weekly purchase activity index rose 2%, while the refinancing activity index fell 2%.  The composite index declined by 1.2%, as refinance applications represented 83% of the total.  The average conventional 30-year fixed rate rose to 3.56% with 0.39 "points".