Mortgage bond prices opened lower

Mortgage bond prices opened lower Tuesday morning adding to the losses seen Monday afternoon. With no economic news set for release traders are waiting for stocks to begin trade at 9:30 am ET. The economic news released in Europe overnight was weaker than expected adding to the fear the region may be heading for even deeper economic trouble. Spanish Budget Minister Cristobal Montoro indicated the country’s banking system needs outside help to shore up weak lenders. This is the first time that Spain has openly talked about the issues facing banks in the country.