Daily Market Update 12/29/08

Mortgage rates moved slightly lower Monday in extremely light trading. Stocks were mixed, the dollar lower, and oil prices higher. The only major economic data scheduled for release this week will be the Chicago Purchasing Managers Index on Tuesday and the Institute for Supply Management Index on Friday. Both reports measure manufacturing activity and are expected to show a continued slowdown from previous months. Normal trading volume will resume in mortgage-backed securities markets next week. We anticipate somewhat lower rates in January as lenders return to full staff levels and regain control over current application pipelines.

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