Weekly Unemployment Claims (every Thursday)
Besides the 7-year Note auction, tomorrow also has two minor pieces of economic data scheduled. The first will be last week’s unemployment figures at 8:30 AM ET. They are expected to show that 233,000 new claims for unemployment benefits were filed last week, up from the previous week’s 230,000 initial claims. Since rising claims hint at employment sector weakness, the higher the number the better the news it is for mortgage rates. It is worth noting though, that because this is only a weekly report, it likely will have little impact on tomorrow’s mortgage rates unless it shows a significant variance.