Market closed for the weekend!


FNMA 4.5% bond picked up 9 bps to close the day at $99.97.

467,000 jobs were reported lost last month...this was much worse than the 365,000 that was expected. Unemployment rose to 9.5% with the new figures. Yikes. Good news in the short term: 1.5 MILLION employees will be hired to run the Census that is going to be completed next year. Those "jobs" though temporary will make things at least LOOK better in the near future. The bad: those jobs are temporary...and skew the real picture.

The DOW lost 223 points. Many factors go into that...but traditionally before a 3 day holiday we see sell off in the market as investors want to protect themselves from potential news over the weekend. Imagine Monday morning trying to sell your stocks before you take too much of a beating if bad news were released... We will likely see some recovery on Monday if things coast okay through the weekend.

Rates are steady in the 5.25% range on the 30 year fixed loan.

Note: I will be out of the office tomorrow and for the first few days of next week tending to some business in SLC. I am available on my cell phone if you would like to visit and would be happy to set any referrals you have for me up with one of my excellent colleagues.

Happy 4th!

Chad