Friday’s bond market has opened in positive territory in holiday-related thin trading. The stock markets are mixed with the Dow down 27 points and the Nasdaq up 3 points. The bond market is currently up 6/32 (2.21%), which should improve this morning’s mortgage rates by approximately .125 of a discount point.
There is nothing of relevance scheduled for release today that should affect mortgage rates. Today’s early bond gains are mostly a result of global stock weakness, particularly in China. Steep losses there have rattled other markets, causing some funds to shift into U.S. securities. But with many firms on skeleton staff today, there is no reason to be concerned or overjoyed about any movement in bonds or rates.
The financial and mortgage markets were closed yesterday for the Thanksgiving holiday. In recognition of the holiday, the stock markets are also set to close at 1:00 PM ET today while the bond market will close at 2:00 PM. They will reopen Monday morning for regular trading hours.
Next week does not have a high number of economic reports set for release, but some of the data that is being posted is considered very important to the markets. None of them will come Monday though. Look for details on next week’s calendar in Sunday evening’s weekly preview.