Mortgage Market Update
November 11th, 2008 Categories: Buyer's Corner, First Time Buyers, Market Conditions, Selling Thoughts, Trends
Today’s Market Commentary:
RATES FALL
ON WEAK ECONOMIC DATA
Interest rates improved this week on generally weaker than expected economic data. Today’s employment report for October showed job losses of 240,000 on expectations of 200,000 lost jobs. The unemployment rate increased 0.4% to 6.5% on expectations that it would increase to 6.3%. The October ISM Manufacturing Index was reported at 38.9 on expectations that it would come in at 42.0. Any read under 50 indicates contraction. The September ISM Services Sector Index and September Factory Orders were also weaker than expected.
Other economic news of note included interest rate cuts by the Bank of England and the European Central Bank. The Bank of England cut their benchmark lending 
rate by 1.50% and the European Central Bank cut its rate by 0.50%.
The Dow Jones Industrial Average is currently at 8,894, down about 330 points on the week. Crude oil futures are currently trading at $60.99, down about $7 per barrel on the week. The one month Libor continues to fall and is currently at 1.622%.
Next week look toward Thursday’s International Trade and weekly jobless claims and Friday’s October Retail Sales reports as potential market moving events.
