Mortgage Market Update 6-15-20
Weekly Market News Update 06/15/2020 – 06/19/2020 |
| Stocks are up sharply after getting clobbered on 6/11. Mortgage Bonds were down slightly on 6/11 despite stocks losing 1,800 points.
Mortgage Bonds and Treasuries are both moving lower, with the latter seeing outsized price losses. The 10-year yield has edged higher to .70% after hitting .96% last Friday and .65% yesterday. We have been seeing higher highs and higher lows for the yield and this has been taking place since mid-April. The only economic report today is Consumer Sentiment coming in at 78.9 from 72.3 in May … good news from the consumer. The markets are dealing with the scared of a second wave of the virus versus all of the good news taking place – jobs returning, states and businesses reopening, pent-up demand and continued policy response from Fed, Treasury and Administration. The possibility of bond can move to higher price becomes uncertainty of the weekend with the new headlines around fears of a second spike in coronavirus cases. The 10-year yield can’t break below .60%, Treasury yields are seeing higher highs and higher lows, stocks are looking ahead and taking money from bonds, volatility, additional bond supply going forward while Mortgage Bonds lost ground in face of huge stock losses. Right now, it appears the right time to lock rate. |
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