Mortgage Market Update 1/5/18

Rates held steady Friday following the release of weaker than expected employment data.  This morning, the U.S. Bureau of Labor Statistics reported that the economy added 148,000 jobs in December, below the consensus forecast of 190,000.  The unemployment rate was unchanged at 4.1%, in line with expectations.  Average hourly earnings, an indicator of wage growth, rose 0.3%, matching forecast, and were 2.5% higher than one year ago.  Separately, the Institute for Supply Management services index fell to 55.9.  Readings above 50.0 indicate expansion in the services sector of the economy.  Stocks moved higher.  No other key data will be released today.

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