Following two days of improving consumer borrowing costs, mortgage rates took a small step back yesterday afternoon. Mortgage backed security prices moved higher early on in the day open which allowed many lenders to issue their best rate sheets in over a month, however the gains did not hold up. Following the 10 year Treasury note auction and the release of the "Beige Book", MBS prices fell and many lenders were forced to reprice for the worse. Economic data picked up today. First out was the weekly jobless claims report. This data gives us three readings on the number of Americans who file for unemployment benefits. Initial claims totals the number of first time filers for unemployment insurance Continuing claims totals the amount of people who continue to file because they cannot...(read more)

Comments are closed.