Rates hold at 6.91% midday as the market pauses its advance ahead of Thursday's claims and Friday's jobs report.

The 30-year conventional sits at 6.91% through midday Wednesday — fractionally above Tuesday's close but largely stable through the morning session. MBS prices are marginally weaker: the UMBS 5.0 is at 96.13, down 3 basis points, and the 6.0 is at 100.88, also down 3 basis points. The 10-year Treasury yield is essentially unchanged at 4.795%, less than a basis point above where it settled Tuesday.

The market is marking time rather than extending September's sell-off. Jobless claims land Thursday at 8:30 AM ET, followed by Friday's August employment report — the two data points that will set the direction from here. Until then, 6.91% is the operating number and there's no catalyst to move it in either direction.

— David Burson, NetRate Mortgage