Daily Market Update 10/23/08

Mortgage rates inched higher Thursday after falling steadily over the past week. Weekly Jobless Claims came in at 478K, slightly higher than expected. FDIC chief Sheila Bair announced guarantees to encourage loan modifications by servicers in an effort to prevent “avoidable” foreclosures. Stocks moved higher. The Federal Reserve Open Market Committee (FOMC) meets next Wednesday and is expected to lower the Fed Funds Rate by 1/4%.

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