On Wednesday, mortgages rates improved as continued speculation and rumors regarding government intervention and the GSEs tightened up the basis (the difference between treasury rates and mortgage rates).
In terms of economic releases, this morning we have the release of the weekly claims data. Initial jobless claims are expected to drop slightly week over week by -10k to a level of 440k. The Philly Fed manufacturing index will also be released today and is also expected to show a slight improvement. Consensus has the index rising by 3.7, which would put the index at a level of -12.6 and is still well below the boom/bust line of 0.0.
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