Todays rates

Wednesday’s bond market has opened in positive territory despite early stock gains. The major stock indexes are showing a little strength this morning with the Dow up 49 points and the Nasdaq up 8 points. The bond market is currently up 8/32, which with some late afternoon strength yesterday should improve this morning’s mortgage rates by approximately .250 of a discount point over Tuesday’s morning pricing.

There is nothing of relevance scheduled for release today. On days with no economic news or other reports to drive bond trading and mortgage rates, we usually look towards the stock markets for direction. However, with stocks in positive ground and bonds following suit instead of the opposite direction, it appears we can’t rely on them either for guidance. On the other hand, bond strength usually means lower mortgage rates, so no reason for me to complain.