Monday, June 29, 2020
What's going on and why does it matter?
Mortgage bonds are trading at the upper end of their recent trading range as this holiday-shortened week gets underway. Headlines related to the coronavirus remain grim as global deaths top 500,000 and many places see a record number of daily increases in new cases, leading to a slowdown in reopenings. The economic calendar is quite full this week and it includes the always-important jobs report which is scheduled to be released on Thursday. The market closes early on Thursday and is fully closed on Friday for a long Independence Day weekend. The Fed is scheduled to purchase up to $4.665 billion of mortgage bonds today.
What should you do about it?
Watch and see if mortgage bonds can remain above their 10-day moving average, but be prepared to lock your rate if mortgage bonds fall below that level.
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
