Updated on December 8, 2021 10:03:18 AM EST
There is no relevant economic data being released today. We do have the 10-year Treasury Note auction taking place that may affect rates this afternoon. Good news for rates would be a strong demand from investors, indicating a good appetite for longer-term securities such as mortgage bonds. Results will be posted at 1:00 PM ET, meaning if there is a reaction, it will come during early afternoon trading.
Tomorrow’s only economic data worth watching is the weekly unemployment update at 8:30 AM ET. It is expected to show 225,000 new claims for benefits were filed during the week, up modestly from the previous week’s 222,000. Rising claims is good news for bonds because it is a sign of employment sector weakness. In other words, the higher the number of new filings, the better the news it is for mortgage rates. However, since this is only a weekly snapshot of the sector, it will take a wide variance from forecasts to have a noticeable impact on mortgage pricing.
Also taking place tomorrow is the 30-year Treasury bond auction. As with today’s sale, the stronger the demand for the securities, the better the news it is for mortgage rates tomorrow afternoon.
©Mortgage Commentary 2021