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Market News     

       Federal Reserve policymakers continue to debate the extent of the central bank's role as a safety valve for battered financial markets and troubled banks, according to comments by Fed officials on Thursday.
 
Donald Kohn, the Fed's influential vice-chairman, said in Congressional testimony that policy-makers stood ready to act again if needed to shield the financial system from the failure of a major financial institution.
 
The comments come as investors worry about the possibility that investment bank Lehman Brothers could run into the liquidity problems that brought Bear Stearns to its knees, with speculation rife about a possible acquisition of Lehman by another major bank.

Today's Rates
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Product              Rate              APR
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3/1ARM                          *5.375%               *5.460%
 
5/1 ARM                         *5.375%               *5.460%
 
15 Yr. Fix.                       *6.000%              *6.078%
 
30 Yr. Fix.                       *6.125%              *6.203%
 
*Rate is based on 20% down payment
*APR is based on $250,000 loan amount