Mortgage Market Update 6-29-20
Weekly Market News Update 06/29/2020 – 07/03/2020 |
| Today’s mortgage rates continued to trend lower, causing rates to remain at a historic low.
As investors weigh the recent spike in COVID-19 cases against the positive economic data, along with the stimulus package and Fed intervention, Mortgage Bonds and Treasury prices are nearly unchanged on Friday；the 10-year yield is currently around .67% to .70%. If the rate drops to .60%, we may see a wave of low rates coming. Personal Spending spiked as state economies reopened; as expected, Personal Incomes fell, but had little impact on the markets. The Fed will be purchasing up to $4.665BB in mortgage-backed securities today. Right now, it appears to be the right time to lock in rates for most clients. It may take a longer time for new loan applicants, because of the slow approval process by banks. Now is the right time to lock the rates for those clients with a loan approval. |
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