Bond Market Update
Market UpdateWednesday, September 23, 2020
What's going on and why does it matter?
Mortgage bonds are drifting sideways and stocks are set to open modestly higher this morning. The market will be processing a deluge of no less than seven speeches today from Fed policymakers, including Fed Chairman Powell who will continue his testimony before Congress later this morning. In other news, late yesterday the House passed a stop-gap funding bill to fund the government through December 11, and this is expected to be picked up by the Senate later this week. The Fed is scheduled to purchase up to $5.488 billion of mortgage bonds today.
What should you do about it?
It may be a good idea to lock your rate until mortgage bonds find the strength to break above their 10-day moving average.
Economic CalendarEconomic reports that may impact mortgage rates this week:
|Tue 22 Sep||Existing Home Sales||Aug||5.86M||6.00M||6.00M|
|Thu 24 Sep||Initial Jobless Claims||Week of Sep 14||860k||845k|
|Thu 24 Sep||New Home Sales||Aug||901k||900k|
|Fri 25 Sep||Durable Goods Orders||Aug||11.4%||1.5%|