Wednesday’s bond market has opened in positive territory following weaker than expected economic data and calming words by Fed Chairman Bernanke. The stock markets are showing early strength also with the Dow up 34 points and the Nasdaq up 12 points. The bond market is currently up 18/32, which should improve this morning’s mortgage rates by approximately .375 of a discount from yesterday’s morning pricing. A portion of that improvement is a result of bond strength late yesterday, but most of it is due to a favorable response to Chairman Bernanke’s prepared statement that was released before his appearance today.
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