Daily Market Update 11/5/10

Mortgage rates faced upward pressure Friday following the release of stronger than expected employment data. The economy added 151,000 jobs in October, easily beating forecast. The Unemployment Rate remained at 9.6%. Average hourly earnings, a proxy for wage growth, rose 0.2% from September. Mortgage-backed securities markets have been extremely volatile all week, but overall, rates have improved by about .125% for the week. No other data will be released today.

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