Mortgage Market Update 3/7/18

Mortgage rates held steady Wednesday as stocks moved lower on news that well-respected White House chief economic advisor Gary Cohn has resigned.  His departure may increase market volatility in the near term due to uncertainty over his replacement.  Cohn opposed President Trump’s proposed tariffs, which are viewed by many investors as inflationary.  In other news, payrolls firm ADP estimated February private sector job growth of 235,000, above the consensus forecast of 200,000.  No other key data will be released today.

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