Tuesday's bond market has opened relatively flat despite strong stock gains. The stock markets are showing gains after overseas markets rallied last night, pushing the Dow higher by 127 points and the Nasdaq higher by 40 points. The bond market is currently up 2/32, which will likely keep this morning's mortgage rates near yesterday's levels.
There was no important economic data posted this morning. The only data that was posted was irrelevant to the mortgage market and has not impacted mortgage rates. The same goes for tomorrow, leaving the stock markets to influence bond trading and mortgage rates. Bonds have held up well this morning considered the rally in stocks, but if the major indexes move higher we may see upward revisions to mortgage rates this afternoon.
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