Last Updated: 11/02/2007

Friday's bond market has opened in positive territory despite the release of stronger than expected economic news. The stock markets are currently showing sizable losses with the Dow down 95 points and the Nasdaq down 9 points. The bond market is benefiting from the stock weakness again, currently up 10/32. This improved this morning's mortgage rates by approximately .250 of a discount point. The Labor Department gave us today's key data with the release of October's Employment report. It showed that 166,000 new jobs were added, which exceeded forecasts of 80,000 by a wide margin. However, offsetting that news was a downward revision of 14,000 to September's jobs and smaller than expected increases in average hourly earnings for October and September. The unemployment rate remained at 4.7%, as it was expected to do. Please have a great weekend.