Friday's bond market has opened in negative territory again as investors continue to grow weary of oil prices, inflation and the amount of debt diluting the market. Stocks are rebounding from yesterday's selling to push the Dow higher by 384 points and the Nasdaq up 50 points. The bond market is currently down 3/32 (4.71%), which should keep mortgage rates close to Thursday's early pricing. Some lenders may reflect a modest increase, but it likely won't be noticeable. There is no relevant economic data scheduled for release today. We will be watching for an afternoon downturn in bond prices that would cause yields and mortgage rates to move higher. Brent crude oil is down a few cents this morning but still well above $90 a barrel that raises alarm bells in the financial markets, particularly bonds. Iran-related headlines have come to a trickle recently, so it doesn't appear they are influencing mortgage rates this morning. Next week starts light with nothing of importance happening Monday before a couple of economic reports come Tuesday morning. The calendar gets much busier starting Wednesday with the release of several important economic reports, including one that has the Fed's preferred gauge of inflation and another that is a key reading of overall economic growth. Midweek also has two Treasury auctions that could affect bond trading during afternoon trading. Furthermore, the annual central bank conference in Jackson Hole, WY begins next week where Fed Chairman Warsh will be speaking at Friday morning. Look for details on all of next week's activities in Sunday evening's weekly preview.
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