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RATES CONTINUE TO FALL ON ECONOMIC DATA

Mortgage interest rates fell slightly on the week on continued negative economic data.

This Weeks Rates

This Weeks Rates

 Todays November employment report showed job losses of 533,000 on expectations that 320,000 jobs would be lost. The unemployment rate was reported at 6.7% on expectations of 6.8%. The ISM Manufacturing Index and the ISM Services Sector Index were weaker than expected. October Construction Spending and Factory Orders were also weaker than expected. The Treasury is considering buying mortgages at rates as low as 4.50% but no details have been worked out. It is just a rumor at this point.
 
The Dow Jones Industrial Average is currently at 8,264, down almost 500 points from the Wednesday before Thanksgiving. Crude oil futures are currently trading at $41.21, down over $13 per barrel on the week. U.S. automakers continue to ask Congress for bailout loans to help them avoid bankruptcy.
 
Next week look toward Thursdays International Trade and weekly jobless claims and Fridays Producer Price Index (PPI) and Retail Sales as potential market moving events.

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