Monday’s bond market has opened in negative territory, giving back some of Friday’s gains. The stock markets are starting the week calm but flat with the Dow down 2 points and the Nasdaq up 5 points. The bond market is currently down 7/32 (2.32%), which should push this morning’s mortgage rates higher by approximately .125 of a discount point.
There is nothing of importance set for release today. If we see an intraday revision to mortgage rates it will likely be a result of a move in stocks. If the major stock indexes start moving higher, we could see pressure in bonds that lead to an upward revision to rates later today.
The bond market will be closed tomorrow in observance of the Veteran’s Day holiday, but the stock markets will be open for business. There is no early close taking place today. The bond market will reopen for regular trading Wednesday morning. Because bonds won’t be trading tomorrow and mortgage lenders will likely use this afternoon’s pricing if they are open, there will be no update to this report tomorrow.
Look for Friday to be the most active day for mortgage rates with both of this week’s economic reports scheduled, including the highly important Retail Sales report. Despite the light economic calendar, there is still a decent chance of seeing a noticeable move in rates this week. Therefore, it would prudent to maintain contact with your mortgage professional if still floating an interest rate.