Daily Market Update 12/16/08

Mortgage rates remained little changed Tuesday morning ahead of the Federal Open Market Committee (FOMC) policy announcement regarding interest rates. The Fed is widely expected to cut the Fed Funds Rate in half to 0.50% from 1.00%, marking the lowest level since 1954. The decision will be announced at 2:15 PM et. In economic news, the Consumer Price Index fell 1.7% in November, while the more closely watched “core rate”, excluding volatile food and energy prices, was unchanged. Housing Starts fell 18.9% in November from October, 47% below November 2007 levels. Stocks moved higher.

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