Happy Christmas Eve to everyone!
Here’s what we got this morning:
- Jobless Claims (measure the number of people filing for state unemployment insurance for the first time )
- Durable Goods Orders (reflect the new orders placed with domestic manufacturers for immediate and future delivery of factory hard goods)
The Jobless Claims came in at 452K, lower than the expected 470k estimate. This is good for the economy, but bad for mortgage rates.
The Durable Goods Orders came in at 0.2%, lower than the 0.4% estimate – bad for the economy, good for mortgage rates.
This report data gives you an idea of demand, but also to business investment. If companies are willing to spend more time on resources for their business (equipment and other business capital), they are surely doing well for themselves and growing their business.
Since both reports have a decent impact on the mortgage bond market, we should see a wash for the most part.
Currently down 9 bps for the morning, we shouldn’t see much fluctuation in mortgage rates today.
Now go get some last minute Christmas shopping done!
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