Overall, Friday is the key day of the week for mortgage rates, although tomorrow could be pretty active also due to the ISM index. Tuesday is the best candidate for calmest day unless something unexpected happens. The benchmark 10-year Treasury Note yield set a new record low closing level last week, breaking the previous benchmark of 0.54%. If the move lower continues this week, we could see mortgage rates improve since they tend to track bond yields. On the other hand, a move back above 0.54% could be a sign that an upward trend in rates is starting. Considering the importance of some of this week’s data and the fact the 10-year yield is at a pivotal point, it would be prudent to keep a close eye on the markets if floating an interest rate and closing in the near future.