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Mortgage Rates Shoot Up

Mortgage rates will post a full 100 basis points higher this morning as a result of the FOMC’s decision not to cut rates, a move that surprised many.  The financial markets had been hoping for a rate cut Tuesday since the Lehman/Bank of America/AIG crisis emerged over the weekend.   Instead, the Fed held strong on their current course, leaving rates unchanged, noting inflationary pressure as a continued concern.   Bonds however are up today on continued stock weakness related to AIG,

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