Daily Market Update 5/4/17

Mortgage rates inched higher Thursday in the wake of yesterday’s Fed meeting and the release of data showing that labor costs rose more than expected last quarter.  The Fed made no changes in rates on Wednesday, but downplayed recent data showing slow economic growth in the first quarter, signaling a possible rate hike in June.  This morning, weekly Jobless Claims fell to 238,000, below the consensus forecast of 245,000.  Factory Orders rose 0.2%, a bit less than expected.  Rates may remain volatile today ahead of tomorrow’s release of key employment data for April.

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