Markets were closed all session. No trades, no repricing, no data.

UMBS 5.0 closed the week at 97.59 Friday and is showing 97.54 on the ticker today — a 5-tick drift that reflects nothing. The 10-year is at 4.559%, flat. The 30-year conventional rate carries into Tuesday at 6.65%.

The holiday wipes the slate. Tuesday's open is the first real session of the week, and it starts with no fresh economic data on the calendar — just bond auctions and whatever the geopolitical backdrop looks like after a three-day weekend. Iran headlines were the dominant market driver going into Friday. That hasn't resolved, so expect Tuesday to react to weekend news flow more than any scheduled release.

For borrowers: nothing changed today. The math from Friday still holds.

— David Burson, NetRate Mortgage