7/7/09

Things are pretty quiet in the markets out there. Perhaps we are in the summer doldrums, with many folks on vacation. Yesterday stocks and bonds ended the day without much change, and today might follow a similar pattern – in fact there is little news until Thursday’s Jobless Claims. Today, however, is a $35 billion 3-year note auction, followed by tomorrow’s $19 billion 10-year note auction, and Thursday’s $11 billion 30-year bond auction. As I said yesterday, don’t look for much change in mortgage rates until or unless there is more substantial news about the economic outlook. Currently mortgage prices are a shade worse than Monday afternoon.