The U.S. bond market never recovered from Thursday’s positive economic data. Treasuries sold off throughout the day causing mortgage lenders to worsen pricing mid-day, and treasuries are slightly lower again this morning.
There was no economic data this morning, however, the markets did see better than expected earnings from GE and an unexpected loss from Bank of America.
Mortgage prices are a few basis points worse from the mid-day price change on Thursday.
Next week begins a two day Fed meeting with their announcement on Wednesday, a full economic data calendar, and the U.S. Treasury will auction 2 year, 5 year and 7 year notes.
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