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MBS Highway Daily Updates 06/08/2023

Current Position: Floating

Please take 30 seconds to fill out our May Housing Survey and feel free to share the link with your Realtors for their input. Take the survey HERE!

Stocks and mortgage bonds are higher to start the day.

Initial Jobless Claims

Initial Jobless Claims, which measure individuals filing for unemployment benefits for the first time, rose 28,000 to 261,000.


Removing some of the noise, the 4-week moving average rose to be around 237,000.

Continuing Claims, or those that continue to receive benefits after their initial claim, fell by 37,000 to 1.757 million.This metric remains at some of the highest levels we have seen in a long time and shows pretty clearly that hiring has slowed as people continue to receive benefits and not find a new job.



European Union Recession

According to the European statistics office Eurostat, the euro zone entered a recession in the first quarter of this year, and economists are not optimistic about growth in the remainder of the year. This news comes after negative revisions to Germany's and Ireland’s first quarter GDP. These revisions push the 20-member bloc to a negative 0.1% first-quarter GDP reading.

Technical Analysis

Mortgage bonds are higher to start the day and are once again battling an important Fibonacci level at 99.845.


The 10-year is testing support at 3.77%. If yields can break beneath this level, the next floor is all the way down at 3.644%. Start the day floating.


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