Daily Market Update 11/10/08

Mortgage rates remained little changed Monday as mortgage-backed securities markets will close at 2:00 PM and not reopen until Wednesday in observation of Veteran’s Day. World stock markets rose following China’s announcement of a $600 billion economic stimulus plan. Fannie Mae posted a $29 billion loss last quarter and may need to begin tapping into government rescue funds by year end. This will be a relatively light week in terms of economic data, with the exception of Friday’s report on Retail Sales.

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