Mortgage bond prices opened slightly higher Monday morning erasing some of the losses seen Friday afternoon.
There is no economic news set for release today, therefore traders will watch stocks to help gauge interest rate direction. The equity markets open at 9:30 am ET.
This afternoon the Treasury will auction $32B in 3-year notes with results by 1:15 pm ET. The shorter-term auctions have been well received recently and this one should be no exception. However, it would not be uncommon to see rates become volatile as the auction approaches as traders prepare for the additional supply.