Wednesday's bond market has opened in positive territory with the stock markets mixed and no important economic data scheduled for release today. The stock markets have failed to extend yesterday's rally, leaving the Dow up 12 points and the Nasdaq down 11 points. The bond market is currently up 9/32, which should improve this morning's mortgage rates by approximately .125 - .250 of a discount point.
With no relevant data being posted today, look for the stock markets to influence bond trading and mortgage rates the rest of the day. I suspect we will see a relatively calm afternoon in the bond market and little chance of a change to mortgage pricing.
Tomorrow's only data is last week's unemployment numbers. The Labor Department will post them early tomorrow morning. Since this weekly report tracks only a single week's worth of new claims, its impact on the markets and mortgage rates is usually minimal. There is a possibility of seeing mortgage r ates react to the news since it is the day's only release and the major monthly report will be posted Friday. Analysts are expecting tomorrow's release to show that 455,000 new claims for unemployment benefits were filed last week. The larger the number, the better the news for the bond market and mortgage rates.