So far this morning, mortgage backed securities, which is the investment vehicle that sets mortgage rates, have opened down. It appears that Treasuries are pulling them lower. Since Treasuries and Mortgage Backed Securities are both fixed income investments, they generally trend in the same direction. Currently this morning, Treasuries are down big time.
There are no economic reports to be released today that will effect the markets. With no economic data to be released today, mbs will take there direction from the stock market and treasuries, with treasuries being the main driving force. If treasuries can turn around, that would be a positive for mbs. I will get back to you as conditions warrant.