Daily Market Update 5/16/08

Mortgage rates eased following Friday’s report on Consumer Confidence, indicating the lowest level since 1980. April Housing Starts rose unexpectedly by 8%. Building Permits, a leading indicator of housing market activity, rose 5%, the first increase in five months. Oil prices reached a new record high of $127 per barrel. Freddie Mac reported average mortgage rates fell to 6.01% for the week from 6.05% the previous week. Focus now turns to next Tuesday’s release of the Producer Price Index for April as investors look for further signs of inflation.

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