Daily Market Update 7/23/08

Rates were unchanged Wednesday with no major economic reports being released. President Bush dropped his threat to veto the sweeping housing bill being considered in Congress. The 700 page measure, offering up to $300 billion in assistance to troubled homeowners, will now likely be approved within days. The bill provides support to housing giants Fannie Mae and Freddie Mac, eliminates seller-funded down payment assistance programs, provides a limited tax credit to first time homebuyers, and increases minimim down payment requirements under FHA to 3.5% from 3%.

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