Updated on April 25, 2018 10:41:34 AM EDT
There is no relevant economic data set for release today, but we do have a potentially influential Treasury auction to watch this afternoon. 5-year Treasury Notes are being sold today while 7-year Notes go tomorrow. Neither of these sales will directly impact mortgage pricing, but they can influence general bond market sentiment. If the sales go poorly, we could see broader selling in the bond market that leads to upward revisions in mortgage rates. On the other hand, strong sales usually make government securities more attractive to investors and bring more funds into bonds. The buying of bonds that follows often translates into lower mortgage rates. Results of the sales will be posted at 1:00 PM ET each day, so look for any reaction to come during early afternoon hours.