Monday’s bond market has opened in negative territory with little to drive trading this morning. The stock markets are calm but showing modest losses during early trading, pushing the Dow down 14 points and the Nasdaq down 1 point. The bond market is currently down 6/32 (2.36%), which should push this morning’s mortgage rates slightly higher than Friday’s early pricing.
There is nothing of importance scheduled for release today, so it should be a fairly quiet day unless something unexpected rattles the markets. The rest of the week brings us three pieces of economic data that have the potential to influence mortgage rates, but none are considered to be key reports. We are also still in corporate earnings season, so any surprises in those releases could affect stock and bond trading, leading to changes in mortgage rates.
Tomorrow also has nothing scheduled that is worth watching. All of this week’s reports are set to be posted the latter half of the week, so we should see the most movement in rates those days. I would not be surprised to see another quiet day tomorrow also.
Overall, it is difficult to label one particular day as the best candidate for calmest day for mortgage rates. Or most active for that matter also. I suspect we will see changes in rates several days but they will be only minor adjustments. The wildcard will be stocks and if they go into selling mode or a rally. Still, the markets can get active and volatile with little notice, so don’t venture far from your mortgage professional if still floating an interest rate and closing in the near future.