Mortgage bond prices opened slightly higher Friday morning erasing some of the losses seen Thursday afternoon. Weak stock futures and bond friendly data are supporting rates.
In news released at the open, retail sales, an indication of the health of the consumer, fell 1.2%. Analysts were expecting sales to increase 0.2%. This data was much weaker than expected helping rates to recover some of the losses seen yesterday afternoon.
Traders are now waiting for stocks to begin trade and for the release of the University of Michigan consumer sentiment data set for 10:00 am ET.
Carlos Figueira - Keypoint Mortgage 