http://MikesDailyMarketReport.com :Today on the economic news is the Initial Jobless Claims, which dropped 17k (from last week's numbers), from 233k to 216k. We're watching this data to determine if it's bottomed out, which could lead to our own economic slowdown (as most companies tend to layoff employees when business slows). Stocks are trading in Negative Territory on renewed worries over Global Slowdown, as more disappointing economic data came out from China; also, they're getting a bit restless over the Gov't Shutdown. MBS is unchanged from yesterday, so Mortgage Rates remain unchanged. Yesterday's close above the Floor of Support was important because it held the current trendline intact, which will allow Mortgage Rates to continue their improvement. The floor is being tested, so we still need to be cautious! Yields are currently hanging at 2.72%.
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