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Monday’s bond market has opened in negative as Friday’s selling extends
Monday’s bond market has opened in negative as Friday’s selling extends into this morning’s trading. The stock markets are not helping as they are posting sizable gains. The Dow is currently up 88 points while the Nasdaq has gained 25 points. The bond market is currently down 8/32, which will likely push this morning’s mortgage pricing higher by approximately .250 - .375 of a discount point from Friday’s morning levels. There are only two pieces of monthly economic data scheduled for release this week and neither comes today. Nothing of relevance is scheduled for today or tomorrow, so look for the stock markets to be the biggest influence on bond trading and mortgage rates until we get to Wednesday afternoon. Wednesday doesn’t have any economic news scheduled, but does have a speaking event for Fed Chairman Bernanke and the first of this week’s two relevant Treasury auctions. But these will be the first important events of the week that could affect the bond market and mortgage rates. Mr. Bernanke’s congressional testimony before the House Budget Committee will be late morning, while the results of the 10-year Note auction will be posted early afternoon. Overall, despite being an extremely light week in ... more

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