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30 Year Fixed Mortgage Rate at 5.08%
According to Freddie Mac's Primary Mortgage Market Survey for the week ended September 3, most mortgage rates declined from the week before. Fannie Mae's posting of weekly yields, however, were slightly higher than the previous week.
Mid-Day Recap: Markets Mostly Flat Ahead of Employment Report
Markets are pretty much flat again, indicating most participants are playing it safe ahead of tomorrow's all important Employment Situation Report. The S&P 500 opened 0.60% higher this morning before it fell into negative forty minutes into the session, but recently the benchmark index has rebounded to hold a 0.35% gain to 998. Similar movements have caused the Dow to see a 0.26% gain to 9,304, while the NASDAQ has improved 0.34% to 1,973.
ISM Services Index Declines at Slowest Pace in 11 Months
The ISM non-manufacturing index of services, finance, and construction moved up two points to 48.4 in August, led my month-to-month improvements in production, new orders, and employment. Results above 50 indicate growth, so summer ends with the services sector nearly on the cusp of growth.rnrn“The report confirms that the economy is slowly emerging from the worst recession in seven decades,†said Sal Guatieri from BMO. “However, outside of housing, there is precious little to suggest that underlying consumer demand is picking itself off the mat.â€
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