Daily Market Update 6/25/08

Mortgage rates moved slightly higher Wednesday as traders await news from the central bank’s Federal Open Market Committee meeting. Durable Goods Orders for May were unchanged from April, matching expectations. New Home Sales declined. No rate change is likely to result from today’s Fed policy meeting, however the accompanying statement will be closely watched by the market for clues on the future direction of interest rates, and a large reaction is possible. The Fed announcement will come out at 2:15 PM et.

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