Commentary: Trading activity is thin this morning in the mortgage market as investors choose to take a cautious "wait-and-see" attitude in front of this afternoon's $29 billion 7-year Treasury note auction. The bidding will conclude at 1:00 p.m. ET and I'll post the result on my website as soon as possible once the final gavel falls.
With an hour or so to go before the 7-year note auction results are tallied -- trading in that particular security is not very strong - a condition suggesting demand may fall below the level most analyst are now projecting. Be very alert here - a poorly bid 7-year Treasury note auction will potentially cause mortgage interest rates to creep higher before the day is out. Heads up.
THE MARKET IS ALWAYS RIGHT! . YOU AND I ARE SOME OF THE TIME
