Daily Market Update 5/6/11

Mortgage rates were little changed Friday in volatile trading.  Mortgage-backed securities (MBS) gave up Thursday’s late gains following a stronger than expected Employment Report.  The economy added 244,000 jobs in April, lifting stocks and hurting MBS markets.  The Unemployment Rate rose unexpectedly to 9.0% as previously discouraged job seekers re-entered the employment market.  Average Hourly Earnings, a proxy for wage growth, increased by 0.1% from March.  Key inflation data will be released next week, including the Producer Price Index on Thursday and the Consumer Price Index on Friday.  Retail Sales will also come out on Thursday.  No other data will be released today.

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