Daily Market Update 6/7/13

Mortgage rates faced upward pressure Friday in extremely volatile trading following release of the May Employment Report.  The economy added 175,000 jobs last month, slightly above forecast.  The Unemployment Rate rose to 7.6%, but this was due to an increase in the number of people entering the workforce.  Average Hourly Earnings, a proxy for wage growth, was unchanged from April, below expectations.  In total, the figures came in close to the consensus forecast, but investors were positioned for weaker data.  Stocks moved higher, hurting mortgage-backed securities.  No other key data will be released today.

Leave a Reply

Your email address will not be published.

Back to top