Daily Market Update 7/10/08

Rates remained little changed Thursday as concerns grew over the financial stability of mortgage giants Fannie Mae and Freddie Mac. Stock prices for both companies hit their lowest point in over 15 years. The Wall Street Journal reported the Bush Administration has been considering a contingency plan should the companies become insolvent due to rising mortgage defaults. Most analysts believe the government would not allow Fannie or Freddie to fail given the impact such an event would have on the housing market. Separately, oil prices moved higher, the dollar lower, and stocks were mixed

Daily Market Update 7/9/08

Rates held steady Wednesday after improving late Tuesday. No major economic reports are scheduled for release today. Stocks are mixed, the dollar is lower.

Daily Market Update 7/8/08

Mortgage rates improved Tuesday, regaining territory lost Monday. Pending Home Sales fell 4.7% in June, greater than expected. Crude oil prices sank for a second consecutive day to about $136 a barrel, down from nearly $145 last Friday. Stocks and the dollar were modestly higher.

Daily Market Update 7/7/08

Mortgage rates rose modestly Monday as stocks climbed out of bear territory. Oil prices plunged over $4 a barrel and the dollar gained strength against the euro. With few economic reports due out this week, Fed speakers may provide the majority of news impacting interest rates.

Daily Market Update 7/3/08

Rates were little changed Thursday as the news contained few surprises. The economy lost 62,000 jobs in June, close to expectations. The Unemployment Rate remained at 5.5%. The European Central Bank (ECB) raised interest rates by 1/4% while indicating they believe this will be the only rate hike in the near term. Oil prices topped $145 a barrel, the dollar was higher. The financial markets close early today for the July 4th Holiday.

Daily Market Update 7/2/08

Rates were unchanged Wednesday morning after moving higher late Tuesday. No major economic reports are due out today. Tomorrow's session may be volatile, with the release of June's Employment Report, the announcement of interest rate policy by the Fed's European counterpart, the ECB, and an early market closing due to the Independence Day Holiday.

Daily Market Update 7/1/08

Mortgage rates were mostly unchanged Tuesday ahead of a potentially big day Thursday. In addition to the release of the Employment Report, a key measures of economic activity, the European Central Bank (ECB) is expected to boost rates by 1/4% Thursday. If they follow through as hinted by ECB President Jean-Claude Trichet, the Federal Reserve may be forced to raise rates sooner rather than later to avoid further erosion in the value of the dollar and continued escalation of oil and other commodity prices. The Fed has been doing a tough juggling act lately, attempting to balance the competing interests of a weak economy with rising inflationary pressures.