Bond Market Update

Bond Market Update

Bond Market Update

Market Update

Friday, July 1, 2022

What's going on and why does it matter?
Mortgage bonds opened higher this morning and they're now bumping up against their 30-day moving average. It will be interesting to see if they can break above that level or if it will operate as a technical ceiling of resistance. Stocks are set to open lower following the worst-performing first half of the year since 1970. On today's economic calendar, the construction spending and manufacturing PMI numbers are due out later this morning. The financial markets close early today and are closed Monday for Independence Day.

What should you do about it?
It may be a good time to lock your rate while mortgage bonds are trading at the upper end of their recent range.

Economic Calendar

Economic reports that may impact mortgage rates this week:
Date Report Period Prior Est. Actual
Mon 27 Jun Durable Goods May 0.5% 0.1% 0.7% 
Mon 27 Jun Pending Home Sales Change May -3.9% -4.0% 0.7%
Tue 28 Jun Consumer Confidence Jun 106.4 100.9 98.7
Wed 29 Jun GDP final Q1 2022 -1.5% -1.5% -1.6%
Wed 29 Jun Core PCE Prices final Q1 2022 5.1% 5.1% 5.2%
Thu 30 Jun Personal Income May 0.4% 0.5% 0.5%
Thu 30 Jun Core PCE Price Index month-over-month May 0.3% 0.4% 0.3%
Thu 30 Jun Core PCE Price Index year-over-year May 4.9% 4.8% 4.7%
Thu 30 Jun Initial Jobless Claims Week ending Jun 25 229k 228k 231k
Thu 30 Jun Chicago PMI Jun 60.3 58.1 56.0
Fri 1 Jul Construction Spending May 0.2% 0.4% -0.1%
Fri 1 Jul ISM Mfg. PMI Jun 56.1 55.0 53.0