The Mortgage Man

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Stock Rally Puts Pressure On Mortgage Bonds

Stocks are rallying today sending mortgage bonds lower.

Crude Oil traded below a significant support level around $121 per barrel today, and that triggered bullish sentiments on the stock market.  In addition, Consumer Confidence for June was reported today at 51.9 slightly above the 50.0 that was predicted.  This is not a significant move upward, but it is the first move upward since December.  With oil down and confidence up, traders are pulling money out of bonds and putting it into stocks, and this as you know is not good for mortgage rates.

If you have a loan file in processing currently, I recommend locking your rate on continued volatility in the markets.

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