Daily Market Update

Daily Market Commentary Today's Commentary
Updated on February 23, 2018 10:37:16 AM EST Friday’s bond market has opened in positive territory again despite a lack of economic releases or other events to driving trading. The major stock indexes are also showing gains, pushing the Dow higher by 92 points and the Nasdaq up 31 points. The bond market is currently up 11/32 (2.88%), which should improve this morning’s mortgage rates by approximately .125 - .250 of a discount point.

Yesterday’s 7-year Treasury Note auction went a little better than Wednesday’s sale did but still was in the average category for describing investor demand. Results were posted at 1:00 PM ET yesterday and we saw little reaction in the bond market, meaning it had not impact on mortgage pricing. The 10-year Note and 30-year Bond sales that will take place in a couple of weeks are likely to have a stronger influence on rates.

There is nothing scheduled for today in terms of economic reports or other related releases that are expected to affect bond trading or mortgage pricing. There are several speaking engagements by current Fed members throughout the day that have the potential to do so. They always draw attention but often no reaction. If the speeches say anything unexpected, particularly about monetary policy and this year’s rate hikes, we could see their words move markets enough to slightly change mortgage rates. But it is more likely that these will be a non-factor in today’s mortgage rates.

Next week has a very busy calendar with relevant economic data posted every day, some of which is highly important. Also taking place is the new Fed Chairman Powell’s first semi-annual testimony updating congress on the economy and monetary policy. That event will be a primary focus of an already busy week. We do have a minor release set for Monday- January’s New Home Sales. Look for details on all of next week’s activities in Sunday evening’s weekly preview.


 ©Mortgage Commentary 2018 Please E-mail us your opinion of this report

Client Testimonials

Client Testimonials

We make it our first priority to deliver the very best service and experience for our customers.

read more
Why First Class Mortgage

Why First Class Mortgage

We provide first-class service, first-class knowledge, and a first-class experience.

read more
Locations

Locations

Looking for a First Class Mortgage office near you? We have 3 locations to serve you.

locations