Daily Market Update 9/9/08

Mortgage rates inched lower Tuesday as traders continued to assess the impact of the government bailout of Fannie Mae and Freddie Mac. Sales of mortgage-backed securities surged Monday following the announcement, causing 30-year fixed rates to fall to around 6%. Pending Home Sales declined 3.2% in July. Stocks were lower. Investors are now turning their focus to Friday’s release of Retail Sales data and the Producer Price Index. No other economic reports are due out today.

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