General Bond Trends
There is no relevant economic data set for release today or tomorrow. It is noteworthy, to some degree, that the benchmark 10-year Treasury Note yield closed below 4.00% and remains there this morning. This has been a very strong resistance level that stopped the August and September rally in mortgage rates. Staying below this threshold creates the possibility of a downward trend in yields again, this time possibly touching 3.7%. This would be good news for mortgage shoppers because mortgage rates tend to track bond yields.