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Market Commentary go to market commentary

Updated on May 27, 2015 10:28:19 AM EDT Wednesday’s bond market has opened in negative territory with stocks showing early strength. The major stock indexes are posting fairly strong gains during early trading, pushing the Dow up 93 points and the Nasdaq up 34 points. The bond market is currently down 6/32 (2.16%), but due to gains late yesterday we still may see a slight improvement in this morning’s mortgage rates.
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This morning has no relevant economic data to drive bond trading and mortgage rates. It is worth noting though that we appear to be at an important level in the benchmark 10-year Treasury yield. We have seen this yield touch 2.15% and move higher recently. The inability to move below that threshold significantly raises the likelihood that yields may move higher from hear rather than lower. Since mortgage rates tend to follow bond yields, this means higher pricing for mortgage shoppers. On the other hand, breaking below 2.15% allows us to look towards 2.00%. Unfortunately, until that actually happens, I strongly recommend proceeding cautiously if still floating an interest rate and closing in the near future.

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