Daily Market Update 11/7/08

Mortgage rates were little changed Friday following a larger than expected jump in the Unemployment Rate to 6.5%. The Employment Report for October showed a net loss of 240,000 jobs in the US last month. While such gloomy data would normally tend to push rates lower, traders are concerned about the increased likelihood of another government stimulus package and the associated costs. The government will need to issue even more debt, adding to the $1 trillion deficit projected for next year. Surprisingly, stocks moved modestly higher. No other data is scheduled for release today.

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