Daily Market Update 9/4/09

Mortgage rates held steady Friday following mixed jobs data for August. The Labor Department reported the U.S. economy lost 216,000 jobs last month, less than the consensus forecast of -230,000. However, payroll figures for the two previous months were revised down by 49,000, resulting in a jump in the Unemployment Rate to 9.7%, the highest level in 26 years. Stocks moved modestly higher. Next week the Treasury will auction $70 billion of 3-, 10-, and 30-year notes beginning Tuesday. The mortgage-backed securities market will close at 2:00 PM today for the Labor Day Holiday.

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