Last Updated: 10/26/2007

Friday's bond market has opened in negative territory due to early stock strength. The stock markets are showing gains, with the Dow currently up 57 points while the Nasdaq has gained 39 points. The bond market is currently down 2/32, which will likely push this morning's mortgage rates higher by approximately .125 of a discount point. The only relevant economic news of the day was posted late this morning when the University of Michigan posted their revised Index of Consumer Sentiment for October. They announced a reading of 80.9, which was a downward revision and below the forecasted reading 82.0. This means that surveyed consumers were less confident in their own financial situations than was thought. This is good news for bonds and mortgage rates because waning confidence usually translates into weaker consumer spending. Have a great weekend.