Mortgage bonds are slightly higher today and stocks are off their lows after a mixed-bag earnings reports hit the wires. There has been no major economic news this week and the presidential debates had little effect on the markets. Today’s session will be relatively quiet in the absence of any economic data and any glaring headlines from across the globe.
Technically, bonds continue to trade in a sideways pattern above support. While we remain biased toward locking in rates, we are closely watching the 2-year and 10-year US Treasury bonds.