Mortgage Bonds are trading lower as we kick off the short holiday week. The Bond markets will close at 2 pm Eastern Time on Wednesday and will be closed all day Thursday for Christmas. Friday will be a regular trading session.
There are no economic reports due out today. However, later this afternoon, a record $38 Billion auction of 2-year Treasury Notes could influence prices, as the market absorbs additional supply.
Currently, Mortgage Bonds are trading in a wide range between resistance and support. For now, I recommend floating. But if the situation changes, I may suggest locking, as prices are hovering near 50-year lows, which is an unprecedented opportunity.
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