Daily Market Update 4/29/08

Mortgage rates drifted lower ahead of tomorrow’s interest rate policy decision by the Federal Reserve. Most economists predict a 1/4% cut in the Fed Funds Rate to 2%. The accompanying statement issued by the Fed concerning future rate bias is likely to have a greater impact on mortgage rates than the much-anticipated move itself. The initial reading of first quarter GDP will also be released Wednesday. Negative GDP growth would provide a strong indication of economic recession.

Leave a Reply

Your email address will not be published.

Back to top