Weekly Unemployment Claims hit the tape this morning down 10K to 570K. Continuing Claims also dropped to 6.133 million (down 119K). The drop on both indexes does little to brighten the employment picture as claims remain high and continuing benefits run out for those in that period of Feb 08 to March 09. For the most part, the market continues to be quiet. Traders seem to have tons of opinions but very little conviction. Something like Yogi’s line “when you come to a fork in the road, take it”. We do have a 7 year note auction that will hit the tape in 10 minutes. Watch this one as it can be a market mover. In front of the print, the 10 year is slipping (off 3/32’s to yield 3.45%), mortgage backs off 2/32’s, and stocks down 3 points on the big board. This could be pre-auction hedging pressure or the makings of a poor auction. Heads Up!
This could be pre-auction hedging pressure or the makings of a poor auction. Heads Up!
About the Author: Max Leaman Austin Mortgage
Great Rates, Low Fees, Close on Time® – (800) 301-3405 Since 2001, Leaman Team has helped clients to purchase, refinance and renovate. The biggest distinction between lenders is their honesty, customer service, and ability to close on time.
September 28, 2018
September 27, 2018
April 27, 2017