Daily Market Update 5/5/08

Mortgage rates were little changed Monday following the ISM Services Index report showing surprising growth for April in the services sector of the economy. Modest upward pressure on rates resulted from a weaker Dollar and a rise in crude oil prices as Nigerian rebels attacked oil wells and pipelines over the weekend. The remainder of this week’s economic calendar will be light with the exception of Wednesday’s release of the April Productivity Report and Pending Home Sales Index.

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