Daily Market Update 11/3/11

Mortgage rates inched higher Thursday as news from Europe dominated financial markets.  The European Central Bank (ECB) unexpectedly cut interest rates by 25 basis points (.25%) on growing concerns about Greece.  With inflation in Europe running higher than the traditional comfort levels, investors were surprised by the move.  Greek Prime Minister George Papandreou faces a confidence vote in Parliament tomorrow that will determine his political fate.  In the U.S., third quarter Productivity increased at a 3.1% annual rate, above the consensus forecast.  Weekly Jobless Claims fell to 397,000, close to expectations.  Troubled mortgage giant Freddie Mac asked for an additional $6 billion of taxpayer funds after reporting a third quarter loss of $4.4 billion.  Factory Orders rose by 0.3%, better than expected.  No other key data will be released today.

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