Good Morning,
I hope that this note finds you well and that your Tuesday is off to a fantastic start already.
In the Markets today, Mortgage Bonds are starting the day higher. There are no economic reports due today, but another record amount of debt is set to hit the Bond market this afternoon when the Treasury Department auctions off $25 Billion in 10-year Notes.
Most of the recent auctions--including yesterday's $40 Billion offering of 3-year Notes--have been well received. This has added much needed support as the Fed winds down their purchases and has helped keep Mortgage Bonds near present levels.
I recommend floating mortgage rate locks for now, to see if Bonds can continue the gains seen over the past several days. But be prepared to lock if the ceiling of resistance that's just above current levels negatively impacts Bonds. I will keep you posted.
Don't forget the Bond Market will be closed tomorrow in observance of the Veteran's Day Federal Holiday. I hope that you enjoy the rest of your day. If there is ever anything that I can do for you, please let me know.
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