Daily Market Update 6/3/11

Mortgage rates were little changed Friday as mortgage-backed securities recovered from Thursday’s losses.  In economic news, the economy added 54,000 jobs in May, the lowest level in eight months, and far below forecast.  The Unemployment Rate rose to 9.1%.  Average Hourly Earnings, a proxy for wage growth, increased slightly more than expected.  Nearly all of the economic data in recent weeks has been weaker than forecast, raising concerns about the pace of growth, and helping to push mortgage rates lower.  Next week will be light in terms of new data.  Investors will likely focus on the results of 3-, 10-, and 30-year Treasury auctions over three days, beginning on Tuesday.

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