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 |