Stocks have been down for several weeks, most turning around this morning at the open. The 10-Year Treasury Note, general guideline on which way mortgage rates are trending, opened higher at 1.776% at NYSE open this morning and quickly moved to 1.785%. Rates, at open, are holding at yesterday’s level across the board.

Many have been cautious in anticipation of the Federal Reserve meeting that began yesterday and J. Powell’s statement that is scheduled for 11AM PST today. The last few times Chairman Powell has made public statements, stocks went down and mortgage rates went up. I suppose we will see. Stay tuned.