Friday's Market UpDate

Friday's bond market has opened down slightly with no economic data or noticeable stock movements to influence trading. The stock markets are showing modest gains with the Dow up 9 points and the Nasdaq up 3 points. The bond market is currently down 5/32, which should keep this morning's mortgage rates close to yesterday's levels.

There is no relevant economic data being posted today. However, it may be a fairly active day for the stock markets since today is "quadruple witching." This has to do with stock option expirations that must be executed and really has no direct relation to the bond market. But the higher than normal volatility in stocks when this occurs can influence the broader markets. Sometimes that may lead to funds being moved into or out of bonds, however, it usually does not affect mortgage rates unless the swings in the major indexes are significant.

Next week is not too busy in terms of economic reports being released. Ther e are a handful of relevant reports scheduled for release in addition to another FOMC meeting and a couple of Treasury auctions that may influence bond trading and therefore mortgage rates.