Molder, in his second full season on the PGA Tour and looking for his first victory, finished two rounds at the Colonial Country Club with a score of 13-under 127. That was one shot off the 36-hole record set by Steve Stricker last year en route to the title.
This is the first time Molder has competed at Colonial, which has hosted the event since 1946.
Jason Bohn made a 6-foot birdie putt at the final hole to shoot a 65 and move within a shot of the lead. Kris Blanks and Brian Davis shared third place at 129.
Although the first blast of summertime heat baked the players Friday, there was no wind for the second straight day and that brought about much easier conditions than are normally seen in Texas.
"I don't think I've ever seen back-to-back days like this," said U.S. Ryder Cup captain Corey Pavin, who has won twice at Colonial and who was in contention at 131. Pavin bypassed the PGA Seniors Championship to return to a course where he has had plenty of success.
Among those struggling, however, was Phil Mickelson, who missed the cut for the first time in 22 tournaments.
Mickelson, twice a winner at this event, posted a 73 and wound up just one shot out of last place. A victory this week would have lifted Mickelson into the No. 1 spot in the world rankings -- a position held by Tiger Woods for the last five years.