Daily Market Update

Daily Market Commentary Today's Commentary
Updated on July 23, 2021 10:02:44 AM EDT Friday’s bond market has opened in negative territory as investors prepare for next week’s busy schedule. Stocks appear to be closing the week on a positive note with the Dow up 119 points and the Nasdaq up 36 points. The bond market is currently down 3/32 (1.28%), but strength during afternoon trading Thursday should allow this morning’s mortgage rates to be approximately .125 .250 of a discount point lower than yesterday’s early pricing.

There is nothing scheduled for today that is expected to affect mortgage rates. The early weakness in bonds doesn’t come as a surprise considering the strength of the recent rally. With little to drive trading today and so much scheduled next week, it is a good opportunity for traders to capture some of the profits from the rally. Unless something unexpected happens, it is safe to assume that we won’t get an intraday improvement to rates today.

Next week is packed with events that may move rates, including the initial GDP reading for the 2nd quarter that is extremely important to the markets. In addition to a slew of economic data, we also have a couple of Treasury auctions to digest and another FOMC meeting taking place. There is at least one event scheduled each day, with several having multiple items that can have an impact on mortgage pricing.

Activities start Monday morning with the release of the June’s New Home Sales. This report tracks the small portion of all home sales that yesterday’s Existing Home Sales did not, meaning it likely won’t have a noticeable impact on rates unless it shows a huge variance from forecasts. Look for details on all of next week’s calendar in Sunday evening’s weekly preview.


 ©Mortgage Commentary 2021 Please E-mail us your opinion of this report

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