Mortgage rates were little changed Friday as stocks plummeted on weak earnings reports. No economic data will be released today. The dollar moved higher against the euro, oil prices fell. Mortgage-backed securities (MBS) and Treasury markets have been hurt all week by investor concerns about the large quantity of debt which will be issued to fund government programs. The Fed purchased $19 billion of MBS during the week, about the same as last week. They intend to purchase up to $500 billion of MBS directly from Fannie Mae and Freddie Mac during the first 6 months of 2009. The Federal Open Market Committee (FOMC) of the Federal Reserve will meet next Wednesday to discuss interest rate and monetary policy. No change is expected. Durable Goods Orders will be released Thursday. The first estimate for 4th quarter Gross Domestic Product (GDP) is due out Friday.