Daily Market Update 5/10/10

Mortgage rates were relatively stable Monday considering the surge in stock prices. Rates benefited last week when stocks fell sharply as investors moved funds from stocks into Treasuries and mortgage-backed securities. Today stocks rallied after the European Union announced plans to make $1 trillion available to support Greece and other EU members. In other news, Fannie Mae asked the government for another $8.4 billion after reporting a $13.1 billion loss in the first quarter. Last week Freddie Mac requested $10.6 billion. The two mortgage giants have now received $140 billion in government assistance. No economic data will be released today.

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