Most mortgage rates are unchanged this morning.
Mortgage-backed bonds (MBS’s) are benefiting from a weak open in the equity markets this morning. The Dow Jones Industrial Average is currently off 150 points on worse than expected job claims numbers and renewed concerns over Greece.
Fed Chairman Ben Bernanke announced today that the Fed was looking into derivatives held by US banks linked to Greece’s financial instability. The announcement is causing financial stocks to move lower.
Yesterday’s $42 billion 5-year note auction was met with marginal demand. Today the US Treasury is set to deliver $32 billion in 7-year notes.
Tomorrow brings a slew of economic reports that can impact the markets. We’ll keep you posted.
Current outlook: locking bias