Treasury Auctions (5,7,10,30 year securities)
The first events we need to deal with are the two Treasury auctions tomorrow and Tuesday. There is no relevant economic data scheduled tomorrow, so the auction may have a heavier influence on the bond market and mortgage pricing than usual. Tomorrow's 10-year Note sale is the more important of the two and will likely have a bigger influence on mortgage rates. Results of it and Tuesday’s 30-year Bond sale, will be posted at 1:00 PM ET each day. If they are met with a strong demand from investors, particularly international buyers, we should see strength in the broader bond market and improvements to mortgage pricing during afternoon hours those days. On the other hand, a weak interest in the auctions could lead to upward revisions to rates.