Mortgage Rates Hit Another New Longer-Term Low

Fairly Resilient Despite Bumpy Auction The relevant morning econ data was limited to Jobless Claims. While the weekly and continuing numbers were both higher than expected, it wasn't a big enough miss to spark any sort of decisive rally in bonds. MBS lost ground heading into the PM hours and lost some more ground after a poorly received 30yr bond auction. But whereas the auction could have been used as a front for additional selling, bonds generally did a decent job of holding their ground in the last few hours of the day. Friday's calendar is empty. This doesn't mean we won't see any volatility--simply that it could not be driven by scheduled events.