This week, the mortgage market is in "wait and see" mode. There aren’t many big economic reports coming out, so things are staying pretty calm. Investors are paying attention to Friday’s S&P PMI report, which could shake things up if it turns out very different from what’s expected. However, the really important report—PCE inflation data—won’t arrive until next Friday.

What’s Happening Right Now?

• Mortgage bonds (MBS) are doing okay, gaining a little bit of value.
• Treasury yields (which impact mortgage rates) are slightly lower, meaning there’s hope for stable or slightly better mortgage rates.
• Overall, the market is quiet, with small changes throughout the day.

For now, mortgage rates aren’t moving much, but next week’s inflation report could change that. Stay tuned!