The week between Christmas and New Years Day is always quiet and with no economic data today, one would expect quiet trading. However, on relatively light volume we see U.S. Treasuries in rally mode pushing the yield on the 10 year note from 2.005 down to 1.935%. The good news for mortgage borrowers is that pricing has improved by .375% from Tuesday.
Remember, this is a holiday shortened week for the bond market with an early close on Friday.
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