Daily Market Update 2/13/09

Mortgage rates moved higher Friday as the House and Senate prepared to vote on the economic stimulus plan. Passage is expected. Details of the Home Buyer Credit emerged. First-time buyers may qualify for a maximum tax credit of $8,000 on purchases taking place between 1/1/2009 and 12/1/2009. The credit phases out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 for married couples filing jointly). Recapture of the credit is required if the home is sold within three years of purchase. Consumer Confidence fell more than forecast on fears of a deeper recession. Stocks were mixed. Mortgage-backed securities markets will close at 2:00 PM et in observance of Presidents Day and will not reopen until Tuesday. An abundance of economic data will be released late next week beginning with Industrial Production on Wednesday, the Producer Price Index Thursday, and the Consumer Price Index Friday.

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