Mortgage Market News
Mortgage Market News for Friday’s bond market has opened in flat with no relevant economic data to drive trading this morning. The stock markets are showing minor gains after a couple of days of losses. The Dow is currently up 32 points, but still below 14,000 (13,913). The Nasdaq has gained 13 points during early trading. The bond market is currently up 2/32, which should keep this morning’s mortgage rates close to yesterday’s level. Bonds did give up some of the morning’s gains during afternoon trading, so there is a possibility of seeing a very slight increase in this morning’s pricing.
More on Mortgage Market News
More mortgage market news: With nothing of importance on the calendar today, we should expect any intraday revision to mortgage rates to likely come as a result of stock movement. If the major stock indexes extend their current gains, we could see pressure in bonds that lead to a small upward revision to rates later today. On the other hand, another weak afternoon for stocks could fuel an improvement to mortgage pricing this afternoon. I suspect it will be a fairly quiet end to the week, but we should keep an eye on the markets as we prepare for the weekend just in case.
Mortgage Market News Next Week
Next week is going to be another active one for the markets and mortgage rates. We have a handful of economic reports scheduled for release, including a couple reports that are pretty important to the markets. In addition to the economic releases, there are two Treasury auctions that have the potential to influence mortgage pricing. Furthermore, it is the time of year that Fed Chairman Bernanke makes his semi-annual testimony to congress about the status of the economy and monetary policy. These events usually create volatility in the financial and mortgage markets as all eyes will be watching.
Mondays on Mortgage Market News
There is something of relevance to mortgage rates scheduled for every day of the week expect Monday. Look for any weekend news to drive trading and mortgage pricing as the week opens. I would not be surprised to see some movement despite a light day as investors position themselves ahead of the key events of the week. Chairman Bernanke will appear Tuesday and Wednesday, but it is usually the first day of testimony that causes the most volatility because the prepared opening statement by him is usually nearly identical both days. Look for details on this event and the rest of the week’s calendar in Sunday’s weekly preview.