There was no significant economic news posted this week, and mortgage rates were largely flat during the week. The biggest news came today with the annoucement that Bank of America would purchase Countrywide (the largest US lender) for 4 billion USD.

Fed Chair Bernanke also gave a speech that reaffirmed his willingness to cut interest rates further if needed, yet his concern that doing so would damage other parts of the economy, namely entice inflation and further devalue the laggard US dollar.

 

Published on January 11, 2008