Treasury Auctions (5,7,10,20,30 year)
Tomorrow also lacks any relevant economic data, but does have the 10-year Treasury Note auction taking place. This type of sale gives us an indication of demand for longer-term securities, such as mortgage-related bonds. If it is met with a strong demand from investors, we should see the bond market move higher after results are posted at 1:00 PM ET. That would be favorable for mortgage rates. However, a lackluster interest from buyers, particularly international investors, may lead to broader bond selling that translates into an upward afternoon revision to mortgage pricing before the end of the day.