Given the lack of economic data and growing positive sentiment that 2nd quarter earnings were strong, gave the impetus for Wednesday’s stock market rally, and subsequent sell off in bonds. This scenario is playing out again this morning as U.S. stock markets are moving higher and bond prices lower. The yield on the 10 year note rose above 3%, currently trading at 3.035%.
Next week’s treasury auctions are putting additional pressure on the bond market with estimates of $34 billion of 3 year notes, $21 billion of 10 year notes, and $13 billion of 30 year bonds.
Interest rates on mortgages remain at 4.50% and below, so there is still opportunity for your home buyers and borrowers seeking to refinance to a lower rate.
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