Daily Market Update 1/12/09

Mortgage rates inched higher Monday as lenders continued to struggle with capacity concerns. Consumer rates should be lower based on current mortgage-backed securities’ prices but lenders are unable to process additional volume without risking late delivery penalties. This problem will likely subside in the coming weeks causing rates to gradually move lower. Several key economic reports are due out later in the week, beginning Wednesday. Stocks and oil prices declined, the dollar was slightly higher.

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