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Daily Market Update 6/5/08

Rates moved higher for a second day following Fed Chairman Ben Bernanke’s comments yesterday emphasizing significant inflation concerns. Bernanke clearly indicated the central bank’s focus has turned to fighting inflation and shoring up the weak US Dollar. Separately, weekly jobless claims came in at 357,000, better than the consensus of 370,000. The economy continues to […]

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Daily Market Update 6/4/08

Rates remained steady Wednesday as first quarter Productivity was revised higher, to 2.6% from 2.2%. Growth in productivity helps keep inflation in check by allowing companies to offset higher costs through greater efficiency. Oil prices continued their slide to around $123 a barrel, down from a peak of $135 last month. US consumers have abruptly […]

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Daily Market Update 6/3/08

Mortgage rates remained little changed Tuesday after showing some improvement late Monday. Federal Reserve Chairman Ben Bernanke implied the central bank is unlikely to reduce interest rates further due to mounting inflationary pressures resulting from a weak US Dollar and rising commodity prices. In his first speech on the economic outlook in two months, Bernanke […]

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Daily Market Update 6/2/08

Mortgage rates were little changed Monday on news that April Construction Spending fell less than expected and the ISM Index, a key measure of the manufacturing sector, came in at 49.6 for May, up from 48.6 the previous month. While a reading below 50 indicates contraction in manufacturing, the increase was not expected. In other […]

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Daily Market Update 5/30/08

Rates improved following this morning’s release of the April Core PCE price index, the Fed’s preferred inflation indicator, showing an annual increase of 2.1%. Although the Fed would like to see this level fall below 2%, the data was in line with expectations. Even with today’s gains, the mortgage-backed securities market has seen a rough […]

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Daily Market Update 5/29/08

Mortgage rates continued their upward trend Thursday as first quarter Gross Domestic Product (GDP), a key measure of economic growth, was revised higher. Investor sentiment has shifted in recent days, as inflationary fears have increased while concerns about a severe economic contraction have receded. Most forecasters are now expecting the next Fed move to be […]

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Daily Market Update 5/28/08

Mortgage rates moved higher Wednesday as Durable Goods Orders for April were better than expected. Oil prices slid below $128 a barrel; stock prices and the US Dollar were higher. Mortgage-backed securities investors remain focused on signs of increasing inflation in spite of general weakness in the economy. Lingering concerns about “stagflation”, the term coined […]

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Daily Market Update 5/27/08

Mortgage rates inched higher Tuesday on global inflationary fears. In economic news, the Standard & Poors/Case-Shiller Home Prices Index showed a 14.1% decline in home prices for the first quarter of 2008 compared the same period a year earlier. New home sales increased unexpectedly by 3.3% in April from March but were down 42% from […]

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Daily Market Update 5/23/08

Mortgage rates inched lower as the National Association of Realtors reported a 1% decline in Existing Home Sales for April from March. The annual pace of 4.89 million units represents a 17.5% drop from April 2007. The median price for the month fell 8% from a year ago. Stocks were lower as oil resumed its […]

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Daily Market Update 5/22/08

Rates moved higher Thursday as crude oil prices topped $135 per barrel before falling back slightly. Bond traders now see a 30% chance the Fed will need to begin raising interest rates in September to help curb inflation according to the Chicago Board of Trade. US home prices fell 0.2% last quarter, less than forecast. […]

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