Daily Market Update 8/4/08

Mortgage rates inched higher Monday ahead of Tuesday’s Federal Open Market Committee (FOMC) meeting of the Federal Reserve. Few economists expect any change in short term interest rates as a result of the FOMC meeting, but investors will be closely watching the accompanying Fed statement for clues as to the future direction of rates. Reports released today on Factory Orders and Personal Income both came in above consensus. Oil continued its recent decline, falling to $121 per barrel from a high of $146 last month. Stock prices were modestly lower.

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