Daily Market Update 1/21/09

Mortgage rates inched higher Wednesday as concerns about the added supply of debt needed to fund all the government programs continued weighing on mortgage-backed securities and Treasury markets. Stocks were little changed following yesterday’s sharp sell-off. Treasury Secretary-designate Tim Geithner called for “aggressive action to address the housing crisis and to get credit flowing again” in his Senate confirmation hearing. He also recommended tightening the terms for those companies receiving federal help. In other news, retail mortgage rates remain unusually high relative to the Fannie Mae required net yield (60 days), now at 4.55%. December Housing Starts and Weekly Jobless Claims will be released Thursday.

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