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Market Commentary

Updated on July 19, 2019 10:33:42 AM EDT

This morning’s sole relevant economic report was the initial University of Michigan Index of Consumer Sentiment reading for July at 10:00 AM ET. It came in at 98.4, up from June’s final reading of 98.2 but a tad lower than expectations. The increase means more surveyed consumers felt better about their own financial situations than last month. That is technically bad news for bonds because it means those consumers are more likely to make a large purchase in the near future. However, since it was not as high as expected, we are not seeing much of a reaction to the news in this morning’s trading or mortgage pricing.

Next week brings us the release of a few economic reports for the markets to digest in addition to a couple of Treasury auctions that may influence mortgage rates. The most important data comes late in the week, including an extremely important GDP reading. The week starts off light with nothing set for release Monday, so we can expect weekend news and stock movement to drive bond trading. Look for details on the week’s full schedule in Sunday evening’s weekly preview.

 ©Mortgage Commentary 2019

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PRMI NMLS No. 3094. Branch NMLS 252910. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Alabama Banking Department Bureau of Banking MC 20316. Arkansas Securities Department 11558. Florida Office of Financial Regulation MLD646. Department of Banking and Finance 6521. Office of Financial Institutions #771. Missouri Division of Finance. Mississippi Department of Banking and Consumer Finance, 3094. Oklahoma Department of Consumer Credit ML010027. Department of Financial Institutions 109282.a.  KY-Department of Public Protection the Office of Financial Institutions, #MC23741.  LA-Office of Financial Institutions #771.  Maryland Department of Labor, Licensing and Regulation Commissioner of Financial Regulation #5511. NE-Department of Banking and Finance, #350.  Ohio Department of Commerce Division of Financial Institutions, #MB.802748.000. OH MLO RM 802748.061.  South Carolina Department of Consumer Affairs MLS3094, As Element Funding MLS-3094 OTN#1.  TN-Department of Financial Institutions 109282.  VA-Bureau of Financial Institutions: MC-2248 Broker MC-2248 NMLS # 3094 (http://nmlsconsumeraccess.org).  West Virginia Division of Financial Institutions ML-30751.

PRMI NMLS No. 3094. Branch NMLS 252910. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Alabama Banking Department Bureau of Banking MC 20316. Arkansas Securities Department 11558. Florida Office of Financial Regulation MLD646. Department of Banking and Finance 6521. Office of Financial Institutions #771. Missouri Division of Finance. Mississippi Department of Banking and Consumer Finance, 3094. Oklahoma Department of Consumer Credit ML010027. Department of Financial Institutions 109282.a.  KY-Department of Public Protection the Office of Financial Institutions, #MC23741.  LA-Office of Financial Institutions #771.  Maryland Department of Labor, Licensing and Regulation Commissioner of Financial Regulation #5511. NE-Department of Banking and Finance, #350.  Ohio Department of Commerce Division of Financial Institutions, #MB.802748.000. OH MLO RM 802748.061.  South Carolina Department of Consumer Affairs MLS3094, As Element Funding MLS-3094 OTN#1.  TN-Department of Financial Institutions 109282.  VA-Bureau of Financial Institutions: MC-2248 Broker MC-2248 NMLS # 3094 (http://nmlsconsumeraccess.org).  West Virginia Division of Financial Institutions ML-30751.