Daily Market Update 6/26/08

Mortgage rates dipped slightly following yesterday’s decision by the central bank to hold rates steady. Oil prices jumped and the dollar tumbled on the news. The Fed recognized inflation “uncertainty” remains high, but said the “Committee expects inflation to moderate later this year and next year.” In other economic news, Existing Home Sales rose 2% in May from April but remained 16% below last May. Average U.S. home prices fell 6.3% from a year earlier.

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