Friday’s bond market has opened in positive territory with stocks appearing to close out the week on a negative note. The Dow is currently down 143 points while the Nasdaq has lost 19 points. The bond market is currently up 4/32 (2.21%), which should keep this morning’s mortgage rates close to yesterday’s levels. There is enough of a difference for some lenders to possibly show a slight improvement, but most will likely show little change.
There is no relevant economic data being posted today. The best chance at something affecting rates later today would be further stock losses (or a rebound) or a lunchtime speaking engagement by Fed member Jeffrey Lacker that could cause some movement in the markets if he says anything surprising. If no surprise comes from him and the major stock indexes remain near current levels, mortgage rates should follow suit.
Next week has a handful of reports set for release but they are all scheduled to be posted over two days. None of them are considered key releases, although several carry enough importance to move mortgage rates if there is a moderate variance from forecasts. Monday has nothing scheduled, so we can expect weekend news or stock movement to be the biggest factor in rates that day.
We also kick off the holiday trading schedule next week with early closings and full-day closings each of the next two weeks. Look for details on next week’s events in Sunday evening’s weekly preview.