Mortgage Market Update 10/31/18

Rates inched higher Wednesday as a rally in stocks hurt mortgage-backed securities.  In economic news, payrolls firm ADP estimated October private sector job growth of 227,000, well above the consensus forecast of 180,000.  The Chicago Purchasing Managers Index fell to 58.4, a bit below expectations.  Readings above 50.0 indicate expansion in the manufacturing sector in the Midwest region.  No other key data will be released today.

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