In The News...

The new year of trading unofficially starts today and Stocks hope to put 2008 behind them. The Dow Jones Industrial Average fell 33.8% for 2008, its worst performance since 1931 -- and its third-worst year ever. The S&P 500 fell 38.5% for the year, its worst since 1937. The Nasdaq's 40.5% loss was its worst annual loss ever.

Last week's affirming announcement from the Fed that they will begin buying $500 billion in Mortgage Backed Securities early this month started today and the results will be announced each Thursday. The government is trying to push home loan rates lower to near 4.5% in anticipation of reviving the slumping housing market. Direct buying of Mortgage Backed Securities should push mortgage rates lower. In order to lay to rest any rumors to the contrary, Apple founder and CEO Steve Jobs said he's suffering from a "hormone imbalance" that's caused him to steadily lose weight, but he indicated he's healthy enough to continue as the company's chief executive, for now. There were stories that Jobs were on his deathbed but he said that they were completely untrue.

Brought to you, courtesy of The Mortgage Market Guide