Daily Market Update 11/25/08

Mortgage rates fell sharply Tuesday as the Fed and Treasury announced a new program to purchase up to $500 billion in mortgage-backed securities from Fannie Mae and Freddie Mac. This was the original proposal for the $700 billion TARP rescue, but the uses of the funds shifted before any mortgages were purchased. The goal of the new program is to lower mortgage interest rates. In other economic news, today’s downward Gross Domestic Product revision matched consensus and had little impact. Stocks moved higher.

Leave a Reply

Your email address will not be published.

Back to top