Wednesday’s bond market has opened in negative territory in another wild early morning session. Stocks are mixed at the moment with the Dow up 54 points and the Nasdaq down 72 points. The mortgage bond market looked like it was going to open with a heavy sell-off but has since recovered a good part of those losses. The 10-year Treasury Note is currently down 17/32 (1.40%), pushing the yield to its highest level in over a year. In a pleasant surprise, bonds rallied yesterday afternoon. That is helping to prevent a sizable increase in this morning’s mortgage rates unless you saw an intraday improvement yesterday. Unfortunately, is you saw an improvement, you likely will see a reversal of it this morning. The net difference should leave rates slightly higher than Tuesday’s early pricing.
30 yr - 1.40%