Daily Market Update 11/26/08

Mortgage rates improved slightly Wednesday after having risen Tuesday afternoon. Rates improved dramatically yesterday morning following the Fed’s announcement of plans to purchase mortgage-backed securities directly from Fannie Mae and Freddie Mac. Durable Goods Orders plummeted 6.2% in October, far greater than expected. President-elect Obama tapped former Fed Chief Paul Volcker to head a special economic advisory board. Volcker is highly regarded in the financial markets and by both major political parties. Bond markets will close at 2:00 PM today for the Thanksgiving Holiday.

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