Mortgage Market Update

So what’s driving the  market today?  A couple of main things are impacting them today:

• Mergers and Acquistions - there are a few deals (mainly involving food) out there that are suggesting that the stock market isn’t dead.   This is pushing money into the stock market and away from bonds.
• On the “flip” side, oil prices, gold prices and other commodities are all higher, predominantly due to the value of the dollar falling.

So we’ve got a “point/counter point” pressure on mortgage rates going on.   One is pushing down, the other is pushing up.    This afternoon there’s another Treasury auction, but it’s the very short term Treasuries, so I don’t anticipate it having much impact on the mortgage world.

Recommendation for this morning is to carefully float.   At any time, the pressures could flip one way or the other and send rates up or down, but my feeling is that today could be a fairly decent one for mortgage rates.