Friday’s bond market has opened fairly flat with stocks posting solid gains and not much else to drive trading. The major stock indexes are looking to close the week out on a strong note with the Dow up 124 points and the Nasdaq up 28 points. The bond market is currently up 3/32 (2.23%), which should keep this morning’s mortgage rates at yesterday’s levels.
There is nothing scheduled for release today that is expected to affect mortgage rates. If we see a move in rates before the end of the day it will likely be minor. Unless stocks give back most of this morning’s gains or extend them noticeably from their current levels, mortgage rates should remain calm the rest of the day.
We have a busy calendar next week with a handful of relevant economic reports scheduled and a couple of Treasury auctions that may influence mortgage rates. All of them will come over three day because of the Thanksgiving Holiday Thursday and a shortened day Friday.
There is data scheduled for Monday that is worth watching. The National Association of Realtors will post October’s Existing Home Sales report late Monday morning. Look for details on it and the rest of the week’s activities in Sunday evening’s weekly preview.