After a decent rally yesterday afternoon, today and tomorrow bring some more important data.  Here's what's on tap for today as far as the scheduled economic releases:

1. Jobless Claims.  Analysts are predicting this to come in anywhere from 360k to 386k, with the median consensus being 365k.  Weaker than expected data here is generally good for MBS prices and mortgage rates.
2. ISM Non-Manufacturing Survey.  The general business activity barometer is expected to indicate a slightly retracting economy with a reading of 49.1.  The range is 47.5-51.1.  Again, weaker than expected should generally be good for rates in the absence of headline risk.

The Jobless Claims should be released in about 10 minutes, so we'll post back then.  As of right now, here is how MBS have started the day: Pretty Flat as you can see.