Daily Market Update 4/3/15

Mortgage rates improved slightly Friday following the release of a much weaker than expected Employment Report.  The economy added just 126,000 jobs in March, far below the consensus forecast of 250,000.  In addition, prior months’ gains were adjusted lower by 69,000.  The Unemployment Rate was unchanged at 5.5%.  Average Hourly Earnings were 2.1% higher than one year ago, a bit better than expected.  U.S. stock markets are closed in observance of Good Friday, but futures prices indicate a lower opening on Monday.  No other key data will be released today.  Mortgage-backed securities markets will close at 12:00 noon.

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