It’s earnings time, and mortgage income is helping the big banks out like Wells, Chase, Morgan Stanley and even Bank of America. GE released earnings yesterday that beat estimates.
In terms of economic releases today, the weekly jobless claims figures were forecasted to come in lower at 365,000 from 372,000, however, they actually came in higher at 371,000.
The market isn’t moving much this morning, however on Friday, we saw a bit of a rally following the release of the jobs report, which showed an unemployment rate higher than expected.
Mortgage-backed securities are slightly up this morning as fiscal cliff worries continue to loom.