Virtually no economic data today has rates staying in the same channel as we have been.

The 10-yr is teetering on the 4.35% yield, which is the line in the sand between the current and the next lower trading channel. We will need a close below 4.35% to give any confidence rates will improve.

Fed Chair Powell spoke earlier, but only on banking regulations. He did not address monetary policy or the pressure from the White House to step down (this is actually the Fed blackout period where Fed members are precluded from speaking on monetary policy).

One twist in lending to share is that medical debt which has largely been removed from credit reports, is returning. A Federal Judge in Texas has made that call. The medical collections will largely be ignored by underwriters; however, the collections will impact credit scores which will make mortgage more costly. 

Stay safe and make today great!!