Daily Market Update 11/7/13

Mortgage rates were unchanged Thursday in volatile trading.  This morning, the European Central Bank (ECB) cut rates unexpectedly, citing low inflation and high unemployment in the eurozone.  Preliminary third quarter GDP rose to 2.8%, easily beating the consensus forecast of 2.0%.  The data was mixed, however, as increased inventories accounted for 0.8% of the growth, which means that some growth was pulled forward from the fourth quarter.  Consumer spending increased only 1.5%, the smallest gain in 4 years.  Weekly Jobless Claims came in at 336,000, slightly below expectations.  Tomorrow, the closely-watched Employment Report for October will be released at 8:30 AM.  Rates are likely to remain volatile in the meantime.  No other key data will be released today.

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