Bond prices fell Thursday causing the yield on the 10 year note to rise above 3% for the first time in many days, closing at 3.03%. Yields are slightly higher this again this morning, now trading at 3.055%. Mortgage prices fell Thursday as well, causing most lenders to re-price for the worse, and mortgage pricing is slightly worse again this morning.
In contrast to this week, next week will feature a busy calendar of economic releases, Treasury auctions and the beginning of earnings season. Keep in mind the bond market has priced in an Armageddon type economic collapse, so any positive news, including positive earnings announcements from corporate America could cause interest rates to move higher.
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