Weekly Unemployment Claims (every Thursday)
Besides the 7-year Note sale, the only other mortgage-relevant event tomorrow is the weekly unemployment update at 8:30 AM ET. It is expected to show that 242,000 new claims for unemployment benefits were filed last week, up from the previous week’s 239,000. The larger the number of new claims, the better the news it is for bonds and mortgage rates because rising claims is a sign of a softening employment sector. This is only a weekly snapshot of the sector, so its influence on mortgage rates is often weak unless it shows a significant variance from forecasts.