Mortgage bond prices remain lower Friday morning applying upward pressure to mortgage rates. Rates are under pressure as mortgage companies and wholesale lenders sell bonds to cover borrowers who have locked. The selling pressure drives prices lower and yields higher.
In news released this morning, the University of Michigan consumer sentiment report stood at 69.3k. Analysts were expecting sentiment at 69.00. That data was near expectations and little effect on trade.
With no more news set for release today traders will spend the day watching stocks to help gauge interest rate direction. At pricing the DOW was down 15-points.