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WEEKLY MORTGAGE UPDATE for AUGUST 19th – 25th, 2019
What’s going on and why does it matter?
Mortgage bonds opened flat this morning as financial markets make an attempt to stabilize after last week’s volatility. Global stock markets are rebounding slightly on hopes of economic stimulus and monetary policy accommodation by Central Banks. The German finance minister announced yesterday that the government could free up around 50 billion Euro of extra spending, while on Saturday China’s central bank announced reforms to reduce corporate borrowing costs to help stimulate the economy. Markets will hear from Fed Chair Powell this Friday when he speaks before the annual Economic Policy Symposium in Jackson Hole, Wyoming. Meanwhile, there doesn’t appear to be any progress in US-China trade discussions. This week’s economic calendar is relatively light, and financial markets will be looking to the news headlines for direction.What should you do about it?
Watch for mortgage bonds to continue bouncing higher off their 10-day moving average, but be prepared to lock your rate quickly if mortgage bonds break below that level.
– Brian D. Reno, CMPS® | BDR Mortgage | NMLS #215776
OUR PREFERRED MORTGAGE LENDERS
Kurt Fancher // Fancher Mortgage Group
Tammy Hine // CIBM Mortgage
Brian Reno // BDR Mortgage
Jared Shore // Parker Mortgage
Matt Slater // Northpointe Bank
*Figures deemed reliable, but errors may occur. Rates and terms subject to change without notice.