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Market Commentary

Updated on February 23, 2018 10:37:16 AM EST

Yesterday’s 7-year Treasury Note auction went a little better than Wednesday’s sale did but still was in the average category for describing investor demand. Results were posted at 1:00 PM ET yesterday and we saw little reaction in the bond market, meaning it had not impact on mortgage pricing. The 10-year Note and 30-year Bond sales that will take place in a couple of weeks are likely to have a stronger influence on rates.

There is nothing scheduled for today in terms of economic reports or other related releases that are expected to affect bond trading or mortgage pricing. There are several speaking engagements by current Fed members throughout the day that have the potential to do so. They always draw attention but often no reaction. If the speeches say anything unexpected, particularly about monetary policy and this year’s rate hikes, we could see their words move markets enough to slightly change mortgage rates. But it is more likely that these will be a non-factor in today’s mortgage rates.

Next week has a very busy calendar with relevant economic data posted every day, some of which is highly important. Also taking place is the new Fed Chairman Powell’s first semi-annual testimony updating congress on the economy and monetary policy. That event will be a primary focus of an already busy week. We do have a minor release set for Monday- January’s New Home Sales. Look for details on all of next week’s activities in Sunday evening’s weekly preview.

 ©Mortgage Commentary 2018

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PRMI NMLS No. 3094. Branch NMLS 252910. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Alabama Banking Department Bureau of Banking MC 20316. Arkansas Securities Department 11558. Florida Office of Financial Regulation MLD646. Department of Banking and Finance 6521. Office of Financial Institutions #771. Missouri Division of Finance. Mississippi Department of Banking and Consumer Finance, 3094. Oklahoma Department of Consumer Credit ML010027. Department of Financial Institutions 109282.

PRMI NMLS No. 3094. Branch NMLS 252910. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Alabama Banking Department Bureau of Banking MC 20316. Arkansas Securities Department 11558. Florida Office of Financial Regulation MLD646. Department of Banking and Finance 6521. Office of Financial Institutions #771. Missouri Division of Finance. Mississippi Department of Banking and Consumer Finance, 3094. Oklahoma Department of Consumer Credit ML010027. Department of Financial Institutions 109282.