Daily Market Update 8/28/08

Mortgage rates had little reaction Thursday to an upward revision in second quarter Gross Domestic Product to 3.3% from 1.9%. Higher than forecast economic growth was attributed to strong export sales and the government stimulus package. Stocks climbed on the report. First time Jobless Claims dropped for the fourth consecutive week to 425K, in line with expectations. Troubled mortgage giant Fannie Mae announced a shakeup of top management, replacing their Chief Financial Officer, Chief Business Officer and Head of Risk Management. Oil prices continued their recent upward trend as tropical storm Gustav approached the Gulf of Mexico.

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