The UST10-Year yield is at 2.358% this morning after closing at 2.313% yesterday.
In today’s economic news, MBA released its weekly report on mortgage applications which rose by 5.50% after falling 9.20% the week prior. Purchases were up 18.80% and refis fell 3.10% overall. The average 30-Year fixed rate is now at 4.160% vs. 3.950% the prior week. Orders for Durable Goods, items meant to last a minimum of 3 years, hiked to 4.80% from -0.30% prior, primarily due to an increase in orders for commercial aircraft while Durables Ex Transportation increased only by 1.00% after a 0.20% gain in October.
Initial Jobless Claims came in slightly higher than expected at 251K from the revised 233K the week prior; which recorded the lowest claims since 1973. New unemployment claims have remained below the 300K mark for 90 consecutive weeks, which not only signals a strong labor market but also it’s the longest streak since 1970.
Continuing Claims showed an increase this week to 2043K, from the previously revised 1983K as well.
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In today’s economic news, MBA released its weekly report on mortgage applications which rose by 5.50% after falling 9.20% the week prior. Purchases were up 18.80% and refis fell 3.10% overall. The average 30-Year fixed rate is now at 4.160% vs. 3.950% the prior week. Orders for Durable Goods, items meant to last a minimum of 3 years, hiked to 4.80% from -0.30% prior, primarily due to an increase in orders for commercial aircraft while Durables Ex Transportation increased only by 1.00% after a 0.20% gain in October.
Initial Jobless Claims came in slightly higher than expected at 251K from the revised 233K the week prior; which recorded the lowest claims since 1973. New unemployment claims have remained below the 300K mark for 90 consecutive weeks, which not only signals a strong labor market but also it’s the longest streak since 1970.
Continuing Claims showed an increase this week to 2043K, from the previously revised 1983K as well.
The curve has bear-steepened with the UST 10-Year 0.45 bp up from prior closing.