Tuesday’s broad stock market rally came in the face of week economic data as investors hope for additional action by the Federal Reserve to support the U.S. economy. In economic data this morning, mortgage applications fell for the week ending August 19 despite record low rates, while Durable goods orders rose 4.0% in July, a significantly better number than economists expected.
Post data release this morning stocks are taking a breather and bonds continue to rachet towards higher yields. The 10 year note began Tuesday morning at 2.10% and is now sitting at a yield of 2.20%. Mortgage prices declined yesterday with most lenders worsening prices mid-day, and mortgage prices are lower again today by approximately .25%.
The U.S. Treasury will auction 5 year notes this afternoon after Tuesday’s fairly successful auction of 2 year notes.
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