Daily Market Update 7/29/08

Mortgage rates inched up Tuesday as an unexpected increase in Consumer Confidence and a drop in crude oil prices pushed stocks higher. Concerns grew over the newly released estimates for the 2009 Federal budget deficit, adding further pressure to interest rates. The market remains volatile, with wide daily swings in mortgage-backed securities prices. Several key economic reports are scheduled for release later this week, including the closely watched Employment Report due out Friday.