And onto this week, folks. Today's bond market is down a little (3/32) contrary to the stocks dropped more this morning. Currently, Dow is down 52 points and Nasdaq is ahead 2 points (for now). Basically, we are looking at similar rates to Friday.
There are no reports scheduled for publication today that would effect our industry, but there are quite a few (4) reports that are scheduled for release later this week along with a Treasury auction.
Existing Home Sales for September is going to be released on Wednesday morning while the New Home Sales for September is scheduled for release on Thursday morning. In general, these publications will shed light on the strenght/weakness of the housing market and also provide a little insight on the demand for mortgages/financing. The reports, most likely, will not have much of an effect on mortgage rates or the bond market if they reveal typical values. However, if there is significant variance from estimations, there could be a slight change in pricing for mortgage rates.
In conclusion, we are in store for a somewhat slow week with reports with regard to the mortgage and finance markets. So, that being said, we are going to be relying on the stock markets and how the investors react to any relevant news reports. With regard to the Treasury auction, it will be held on Thursday and 5-year Notes will be sold. This helps measure investor interest in bonds and could influence a bond increase or decrease. FYI: the most pertinent pieces of information this week are the Durable Goods Orders release and the Treasury sale which both are done on Thursday.
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