Good Monday Morning!
Interest rates are unchanged from last week as the bond markets have held steady while the stock markets experienced quite a bit of volatility. The stock and bond markets will close early on Thursday and remain closed on Friday for the July 4 holiday weekend. Most lenders will be conservative with their pricing on Thursday ahead of the long weekend. We have a lot of economic data packed into three days this week. Tuesday brings April S&P Case-Shiller Home Price Index, June Chicago PMI, and June Consumer Confidence as well as Fed Chair Powell testifying before the House Financial Services Committee on the CARES Act. On Wednesday we’ll get the Weekly MBA Mortgage Index, June ADP Employment Change, May Construction Spending, the June ISM Manufacturing Index, and the minutes from the June 9 / 10 FOMC meeting. On Thursday, we’ll see the June Payrolls report, May's Trade Balance, weekly jobless claims, and May Factory Orders. That’s a lot of data to digest. This could be a volatile week for the stock markets. Mortgage bonds should hold pretty steady until Thursday. If the Jobs Report surprises to the positive, we could see a jump in interest rates heading into the long weekend.
Have a great week!
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