As the fixed-rate 30-year mortgage rate dipped below 8% last week for the first time in a long while, market participants were saying that they would be very surprised if the Federal Open Markets Committee (FOMC) raised the federal funds rate at this week's meeting.

"Nobody is expecting them to do anything," said Robert Calhoun, co-director of research at fixed-income specialists Tattersall Advisory Group. "I also heard that the upcoming employment report is going to be somewhat weak."

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