Daily Market Update 5/2/08

Mortgage rates inched higher Friday as employment numbers beat expectations. The Report showed a net loss of 20,000 jobs in April, far better than the forecast loss of 75,000. The unemployment rate dipped to 5.0%. Rates improved slightly for the week following the Fed’s 1/4% rate cut and their statement indicating concerns over rising inflation. Analysts are expecting the Fed to hold rates steady for the time being until they are able to fully assess the impact of previous cuts and the economic stimulus package checks currently being distributed.

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