I hope everyone is having a great Friday so far!  There has been a lot of news and happenings with regard to the Mortgage Reform and Anti-Predatory Lending Act of 2007.  If you haven't read it yet, or heard of it, please do some research and really look into the subject.  It could potentially be the biggest event this year!  But, on to the market update!

Today's bond market started out in a positive area (up 10/32) even though there was strong and relevant economic reports/statements released.  With regard to the stocks, the Dow is down by 95 points right now, and the Nasdaq is down by 9 points.   Of course, this means improvements in the rates (probably by about .25% of a discount point).

October's Employment report was released today which showed 166,000 new jobs were added (surpassing the expectation of 80,000). On a spot of bad news was a 14,000 job reduction from September's jobs as well as insignificant increases in the average hourly wage.  With regard to the unemployment rate, the figured stated at 4.7%.

The Factory Orders data was published this morning, showing a 0.2% increase in new orders for both durable and non-durable goods for this past month. Due to the importance of the Employment report, this particular publication has had minimal effect on mortgage rates and pricing.

Next week is not going to be as packed with information and releases as this week.  The important reports aren't scheduled for release until Wednesday (and I'll get into that on Monday).  So, once agein, watch the stock market and bond market to be the main contributor on the roller coaster of mortgage pricing.

I will give you an outlook on Sunday evening with regard to next week's economic data, and I am going to maintain the recommendation to float your loans.  That being said, I might be suggesting a lock at the beginning of next week based on the rest of today's activity...keep your eyes open for significant market changes!