Updated on July 6, 2020 10:17:41 AM EDT
There is nothing of importance scheduled for release today. Generally speaking, what drives stocks higher usually causes bonds to weaken and vice versa. In other words, stocks gains often lead to mortgage rates remaining flat or moving a little higher.
The rest of the week is also light in terms of economic data and other events that are relevant to mortgage rates. We have just one monthly and one weekly report that is worth watching, along with a couple of Treasury auctions. They don’t start until midweek, leaving today and tomorrow to be driven mostly by stocks.
Overall, no day stands out as critical for rates this week. Friday is the best candidate for most active day due to the release of the PPI, but it carries the same significance right now as the weekly unemployment update Thursday. The calmest day may end up being tomorrow unless something unexpected happens. While there is little scheduled this week that is expected to influence rates, it still would be prudent to watch the markets if still floating an interest rate as the markets can get active without notice.
©Mortgage Commentary 2020