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Mortgage and Lending - New Key Lending
Among lingering doubts about housing and credit markets, and a general uncertainty about the U.S. economy, the mortgage bond market tanked towards the latter part of last week. As investors moved away from mortgage bonds, mortgage rates forcefully bounced off their two-year lows. A major factor behind last week's run-up in rates is the market expectation for Tuesday's Federal Open Market Committee meeting. Those expectations sharply shifted after Friday's strong employment report from the Census Bureau and dragged rates along with them. Inflation is the enemy of mortgage bonds. Typically, as inflation rises, so do mortgage rates.

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The Week In Review (December 10, 2007)