Daily Market Update 10/7/16

Mortgage rates held steady Friday following the release of the September Employment Report.  The economy added 156,000 jobs last month, slightly below expectations.  Separately, the Unemployment Rate rose to 5.0%, above the consensus forecast of 4.9%.  Average Hourly Earnings increased by 0.2% and were 2.6% higher than one year ago.  Stocks moved lower.  Today’s employment data did little to change expectations for a Fed rate hike before year’s end.  No other key data will be released today.

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