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Mortgage Market Update 12/6/19

Mortgage rates faced upward pressure Friday following the release of stronger than expected employment data. This morning, the Labor Department reported an increase of 266,000 jobs in November, well above the consensus forecast of 185,000. In addition, previous monthly totals were revised higher by 41,000 jobs. The unemployment rate fell to 3.5%, matching a 50-year low. Average hourly earnings, a proxy for wage growth, were 3.1% higher year-over-year. Separately, Consumer Sentiment rose to 99.2, beating expectations. Stocks moved sharply higher. No other key economic data will be released today.

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