Updated on April 25, 2024 10:05:02 AM EDT

Yesterday’s 5-year Treasury Note auction didn’t go as well as we had hoped. The benchmarks we use to gauge investor interest in the sale pointed toward a below average demand compared to other recent auctions. The bond market made a move lower (higher yields) shortly after the results were announced at 1:00 PM ET. However, it doesn’t appear to have been enough of a change for lenders to make an intraday increase to mortgage pricing. That reaction is likely being taken into consideration with this morning’s rates. Also, yesterday’s results make it difficult to be optimistic about today’s 7-year Note sale. Results of it will be posted at 1:00 PM ET again, meaning if the auction affects rates, it will do so during early afternoon trading.
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