Daily Market Update 12/2/10

Rates moved higher Thursday on stronger than expected housing data and investor optimism over the direction of the economy. The 30-year fixed Fannie Mae required net yield reached its highest level since June 16. Weekly Jobless Claims rose to 436,000, above the consensus forecast of 425,000. The more closely-watched four-week average declined to 431,000, the lowest level in two years. Pending Home Sales surged unexpectedly by 10.4% in October as buyers took advantage of low interest rates and distressed sales. No other data will be released today. Tomorrow, the Non-farm Payrolls report for November will be released at 8:30 AM.

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