Yesterday, Treasury prices dropped as initial jobless claims fell and existing home sales jumped more than predicted. Today, Treasuries are relatively flat to yesterday’s close. With no economic data, Treasuries and mortgage bonds will take their queues from equities.
Treasuries and mortgage bonds are slightly lower this morning ahead of today's 5-year T-note auction. Both the January S&P/Case-Shiller composite-20 home price index and the March U.S. consumer confidence index are expected to show declines.
The number of Americans seeking a home mortgage to purchase a home or refinance an existing loan increased 0.5 percent last week, according to a weekly report issued today by the Mortgage Bankers Association (MBA).