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Market News from March 19, 2008

       The Federal Reserve cut its main lending rate by three-quarters of a percentage point to 2.25 percent as officials try to prop up the faltering economy and restore faith in the U.S. financial system.
Chairman Ben S. Bernanke is struggling to cushion consumers and companies from the worst of the credit freeze that's made some of the world's biggest banks reluctant to lend to each other. Officials also showed renewed concern about inflation, making a smaller reduction than traders anticipated. Two policy makers dissented in favor of "less aggressive action."
Today's Rates
Product              Rate              APR
3/1ARM                          *4.750%               *4.828%
5/1 ARM                         *5.375%               *5.453%
30 Yr. Fix.                       *5.750%              *5.828%
*Rate is based on 20% down payment
*APR is based on $250,000 loan amount