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Jobless Claims In – Not Good for Rates
Top of the morning to ya! Last Thursday of 2009, so let’s see what’s going on. Initial Jobless Claims are about to come in here in a little bit. We are expected to come in at 460k, higher than last reports figure of 452k. This report measures the number of people filing for state unemployment insurance for the first time. Currently, and its early of course, we are down around 3 basis points, so not much movement at all. (Update) Jobless Claims just now came in at 432k, LOWER THAN EXPECTED. Good for economy, bad for mortgage rates. MBS is NOW down 19 bps and rates will start off a little higher than yesterday.
Folks, we’ve been telling everyone to go on a “locking spree” here lately, so hopefully you’ve been taking advantage of this free advice and securing your mortgage rates. Today’s markets are closing at 1PM EST due to the holiday. If I’m not back, have a great and safe New Year! Looking forward to another fantastic year!
Tags: jobless claims, new year | Category: Mortgage Insights | |
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Tommy (NMLS #220122) is an active loan officer with AmCap Mortgage. You can also find Tommy on Twitter laying down the law in mortgages and other things that makes the wheels turn. |
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