Daily Market Update 8/27/08

Mortgage rates were mostly unchanged Wednesday as Durable Goods Orders increased a surprising 1.3% in July, led by strong exports. Oil prices rose on concerns over the threat from tropical storm Gustav. Yesterday’s release of the minutes from last month’s FOMC meeting revealed growing concerns over inflation among board members and a strong likelihood that the next interest rate move by the central bank will be higher. Second quarter GDP figures are due out tomorrow.

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