Today's Market Update
The month-end selloff we saw yesterday appears to be continuing as mortgages are heading lower after a mixed bag of economic data. The labor market continually shows signs of improvement since the February employment report, with initial jobless claims coming in slightly lower than expected at +351k. The number of people already claiming unemployment fell to 3,402k, vs. 3,418k expected. Personal income was in-line with the street. From a technical perspective, mortgages have been tracking rates and 10-year treasury yields are once again bumping up against some key consolidation points. 2.04, 2.08, and 2.09 are all yields that have held throughout 2012 and defined the upper end of our range.