Daily Market Update 8/1/08

Mortgage rates were unchanged following the Employment Report showing the US economy lost 51,000 jobs in July, a little less than expected. The Unemployment Rate rose to 5.7%, the highest level since March 2004. The Federal Reserve is now almost certain to hold short term interest rates at their present level at the FOMC meeting next Tuesday due to concerns over rising unemployment. Stocks moved lower, while the dollar was higher against the euro.

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