It’s Bill Rapp, the Mortgage Viking here, let me tell you about what the Good Ole Boys on Wall Street are talking about today…
Yields are hovering near yesterday’s closing levels after falling on strong results from the 3-year Treasury auction as well as a soft ISM nonmanufacturing print in the morning.
The 2-year Treasury yield is at 2.52%, the 10-year at 2.69% and the 30-year at 3.03% at the time of this writing.
Activity in the Treasury market will largely center on the $27 billion auction of 10-year Treasury notes later today, with the current 10-year ‘when issued’ yield trading slightly inside the current 10-year cash yield, indicating traders expect a strong auction similar to yesterday’s 3-year auction.
Yesterday, the U.S. Treasury sold $38 billion of 3-year notes at a yield of 2.502%, the lowest since April, as demand rose relative to the last auction of 3- year notes. The bid-to-cover ratio, which gauges demand by comparing the number of bids to the amount of securities sold, rose to 2.55x from 2.44x at the last auction.
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