Sunday, July 22, 2018

Market Commentary

Updated on July 20, 2018 10:36:32 AM EDT

Some lenders improved pricing intraday yesterday as bonds improved late in the day. If your lender improved pricing before closing Thursday, you should see an increase in this morning’s rates by the same amount. The net difference between Thursday’s morning rates and this morning’s pricing should be nearly unchanged.

There is no relevant economic data being released today. There is no clear reason for this morning’s bond weakness other than some traders being pessimistic about which direction yields may be heading. Stocks aren’t having an impact on today’s bond trading or mortgage rates. If the major indexes make a noticeable move either direction, it could cause movement in bonds and possibly mortgage rates later today. Other than that, a pretty dead day in terms of data or other events to watch for mortgage rates direction.

Next week brings us a handful of relevant economic reports that may influence mortgage rates, but only one is considered to be important. There are also a couple of Treasury auctions that have the potential to slightly affect the mortgage market. We do have a Monday release with June’s Existing Home Sales data being posted. Look for details on it and the rest of the week’s activities in Sunday evening’s weekly preview.

 ©Mortgage Commentary 2018