Posted To: Mortgage Rate Watch
Mortgage rates ticked higher following a weak 10yr note auction yesterday, and then again this morning ahead of the 30 year bond auction. The Department of Labor released the weekly jobless claims numbers this morning. This data totals the number of Americans that filed for first time unemployment benefits in the prior week. Recent reports have shown a steady decline in the number of filers after peaking over 650,000 earlier this year. Higher jobless claims indicate consumers will have less money to spend into the economy. Less money being spent is not good for corporate profits and stocks; thus the fixed income sector usually benefits from a higher than expected reading. Today’s report showed that 474,000 Americans filed for first time jobless insurance benefits, worse than the 460,000…(read more)