The market is Worse by 1/8 since Monday 's ratesheet

Mortgage bonds closed opened weaker this morning pushing rates higher.

There was no data this morning. News out of the euro zone dictated trading. Spain had successful 10Y auction where they saw their yields fall from 6.33% last night to 6.231% this morning. Newswires dominated by talk that the ECB will implement a bond buying scheme to drive euro zone debt yields lower. This would reverse the flight to quality buying of U.S. debt instruments as we continue to experience. The inverse of what helped our rates hit record lows is now pressuring our rates higher.


We have a light data week but the Fed minutes this afternoon often cause some volatility so caution is key.