Very quick data rundown

In the weekly MBA data and right ahead of the holidays, purchase applications jumped 7.6% w/o/w but refi’s fell for a 4th straight week by 5.7%. While the data is seasonally adjusted, it’s still noisy around the holidays.

The same can be said for jobless claims which for the week ended 11/22 totaled 216k, 9k below expectations and vs 222k in the week before. Whether artificially low due to the holidays or not, we’re still seeing a muted pace of firings as measured here. Hiring though remains a different story as continuing claims for the less holiday influenced week of 11/15 totaled 1.96mm, remaining around levels seen in November 2021.