Last Updated: 10/09/2007

Tuesday's bond market has opened slightly in positive territory as investors wait for today's Fed minutes. The stock markets are showing gains with the Dow up 32 points and the Nasdaq up 4 points. The bond market is currently up 3/32, which is not enough to improve this morning's mortgage rates. The first report of the week comes this afternoon when the Fed will release the minutes to the last FOMC meeting. These may be a major mover of the markets or could be a non-factor, depending on what they say. The key will be concerns over inflation and the Fed's next move. If the Fed members were concerned about inflationary pressures, we may see the bond market move lower and mortgage rates higher later today. However, if they indicate a likelihood of another rates cut in the coming months, we should see the bond market rise and mortgage rates drop during afternoon trading. Please keep an eye out for my next update.