Daily Market Update 7/25/08

Mortgage rates inched higher Friday as June Durable Goods Orders rose 0.8%, well above forecast. Adding further pressure to rates was a stronger than expected report on New Home Sales for June. The big news for the week was the likely passage of a comprehensive Housing Bill aimed at shoring up Fannie Mae and Freddie Mac, and providing up to $300 billion in new loans to troubled homeowners facing foreclosure. In addition, the bill provides funds for low income housing and a tax credit up to $7,500 for first-time home buyers. Next Friday’s release of the Employment Report for July will be closely watched by investors and may be a significant market mover.

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