Mortgage Market Update 11/2/18

Rates inched higher Friday following the release of stronger than expected employment data.  The economy added 250,000 jobs in October, well above the consensus forecast for an increase of 190,000.  The unemployment rate remained at 3.7%, the lowest level since 1969.  Average hourly earnings rose 0.2%, matching expectations, and were 3.1% higher year-over-year, the largest annual rate increase since 2009.  Separately, September Factory Orders rose 0.7%, beating estimates.  Stocks moved higher.  No other key economic data will be released today.

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