Daily Market Update 4/3/09

Mortgage rates inched higher Friday reflecting a decline in mortgage-backed securities prices late Thursday. Non-farm Payrolls data showed a net loss of 663,000 jobs last month, close to consensus. The Unemployment Rate jumped to 8.5%, matching expectations. Average Hourly Earnings, a proxy for wage growth, matched forecast, rising at a 3.4% annual rate. The Institute for Supply Management services index fell more than expected in March. Average 30-year fixed mortgage rates declined to 4.78% with 0.7 points according to Freddie Mac's weekly survey, the lowest level on record. No major economic data is scheduled for release next week.