Posted by Apex Home Loans ● June 8, 2020

Madness in the Market: Updated Report June 8, 2020

Madness in the Market Blog Image

Monday, June 8, 2020

What's going on and why does it matter?

Mortgage bonds opened flat this morning after experiencing quite a roller-coaster ride in Friday's trading session in response to a much stronger than expected jobs report. Financial markets appear to be opening this week with a more cautious tone amidst ongoing protests over police and racism, as well as disappointing economic data in Europe and China that reflects the severe damage caused by the coronavirus shutdowns. The economic calendar is empty today, but there are several high-tiered economic events scheduled for later this week, including the Fed's monetary policy statement scheduled for release on Wednesday. The Fed is scheduled to purchase a daily average of $4.5 billion of mortgage bonds this week, which compares to supply that is currently running between $6 billion and $7 billion per day.

What should you do about it?

Lock your rate to be safe.


Economic reports that may impact mortgage rates this week:



Please be aware: by refinancing your existing mortgage, your total finance charges may be higher over the life of the loan.

Topics: Refinance, Interest Rates, Mortgage Interest Rates, home loan refinance, lower interest rate, Corona Virus, COVID-19