Daily Market Update 11/5/08

Mortgage rates improved late Tuesday and early Wednesday as uncertainty over the election ended. Conventional 30-year fixed rates have now fallen 3/4% since last Thursday. Investors have turned their attention to weakness in the economy. The Institute for Supply Management’s Services Index showed service industries contracted more than expected in October as a result of lower consumer spending. Traders are anxiously awaiting Friday’s release of the Employment Report for October. Analysts are projecting a net loss of 200,000 jobs for the month. Stocks and oil prices moved modestly lower.

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