Daily Market Update 10/24/08

Mortgage-backed securities moved in opposite directions with Treasuries again Friday as nervous investors sought to minimize risk. Mortgage rates inched higher while Treasury rates dropped. Global stock markets plummeted on growing economic fears. Existing Home Sales rose unexpectedly last month by 5.5% as lower prices attracted more buyers. Oil prices fell to $64 per barrel in spite of an announced 5% production cutback by OPEC. The dollar moved higher.

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