Daily Market Update 10/16/08

Mortgage rates improved Thursday as mortgage-backed securities rallied late yesterday on the 733 point decline in the Dow. The September Consumer Price Index (CPI) and “core” CPI both came in lower than expected, indicating tame inflation. Industrial Production fell 2.8%, well below consensus, showing the largest monthly decline since 1974. Stocks were modestly lower. Oil prices dipped to $73 per barrel, a 50% decline since peaking in July. The dollar continued its upward trend against the euro.

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