Daily Market Update 10/28/08

Rates inched higher Tuesday as mortgage-backed securities markets remained extremely volatile. Mortgage rates have increased by about 3/4% since last Wednesday, driven by the continued liquidation of investments by hedge funds and financial institutions. In economic news, Consumer Confidence fell to its lowest reading on record in October, far below consensus. Rate volatility is likely to continue throughout the week with key economic data being released each day starting Wednesday plus tomorrow’s meeting of the Federal Open Market Committee of the Federal Reserve.

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