Daily Market Update 1/25/10

Mortgage rates inched higher Monday ahead of Wednesday’s FOMC meeting. Existing Home Sales fell 17% December, much more than forecast. The figures may have been distorted by the first-time homebuyer tax credits that had been schedule to expire November 30, but have since been extended. Federal Reserve Chairman Ben Bernanke now appears to have enough Congressional support to be reconfirmed to another term. No other economic data will be released today.

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