Daily Market Update 8/7/08

Mortgage rates were little changed Thursday, trailing US Treasury markets for a second day following steep second quarter losses reported by Freddie Mac. Weekly Jobless Claims came in at 455,000, well above consensus, but Pending Home Sales for June rose unexpectedly by 5.3%. The European Central Bank (ECB) left rates unchanged this morning. Stocks were lower, the dollar higher. Rates are likely to remain volatile ahead of tomorrow's earnings report by Fannie Mae