U.S. Treasury and mortgage bond prices sank Monday afternoon on a less than stellar 3 year note auction. This afternoon, $24 billion of 10 year notes will be offered for auction as we have seen the yield on the 10 year note rise from 3.15% to 3.22% in the last two trading days.
U.S. stock markets are weaker this morning after the U.S. reported the March trade deficit widened. While the weak U.S. dollar has pushed exports to near record levels, growth in oil imports and the cost of oil more than offset the exports.
Mortgage prices are approximately .25% worse from Tuesday’s mid-day change.
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