Daily Market Update

Mortgage rates were little changed Friday, showing a muted reaction to the November Employment Report. The economy lost 533,000 jobs last month, the largest monthly loss since 1974 as the Unemployment Rate rose to 6.7%. On Wednesday the Treasury confirmed that it is considering a plan which would offer mortgage rates as low as 4.50% for select loans used for home purchases. At this point, it is not certain the proposal will be implemented. The mortgage-backed securities market remains unusually volatile.

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