Overall, pricing on mortgage rates is similar to the levels from yesterday morning.
After pricing worsened each of the past two days for mortgage rates the mortgage-backed bond (MBS) market is rallying this morning recovering some of the losses.
MBS prices are benefiting from worse than expected economic data which is weighing on stocks.
The Labor Department reported today that jobless claims hit the highest level since November of last year. The markets had been expecting a decline in jobless claims so the news is not well received.
Also weighing on the economic outlook is a lower than expected read on the economy from the Philadelphia Fed. Their business index showed a negative reading and the markets were expecting a positive one.
Technical trading patterns are also supporting mortgage rates today. After MBS prices traded lower yesterday they temporarily traded up against technical support. Prices have since bounced off this level. I still think floating in the long-term is the best course of action.
Current outlook: floating long-term