Daily Market Update 5/21/08

Mortgage rates were mixed Wednesday as fixed rates moved modestly higher and adjustable rates improved. Inflationary concerns, driven by higher oil prices and a weaker US Dollar, continue to dominate investor sentiment. Minutes from the April 30 Federal Open Market Committee meeting will be released this afternoon at 2:00 PM. This should provide a more detailed look at the reasoning behind the Fed’s most recent rate cut. Economists will also be searching the report for hints as to the likely direction of future Fed moves.

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