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The financial markets will be closed early on Monday, and fully closed on Tuesday in observance of the New Year. But the balance of the week contains several important economic releases, including the “Minutes” from the Federal Reserve’s last policy meeting. Since not all voting members agreed with the decision to cut the Fed Funds Rate by .25%, the discussion between voting and non-voting members could be fairly interesting, and provide insight as to the Fed’s moves in the New Year.Remembering that when Bond pricing moves higher, home loan rates move lower - and vice versa - the chart below shows how volatile the action has been in recent days and weeks. This is why we feel it is so important for us to be well informed, and in turn, keep you advised. The climate has been volatile both for rates and the mortgage industry at large - so we know that it is more important than ever that you, your friends, family members, clients and neighbors have an association with a real professional who is “in the know”.
Have a terrific and safe New Year’s Eve. Make it a great 2008!
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