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Market Commentary

Updated on May 22, 2020 10:16:47 AM EDT

There is nothing of relevance scheduled for release today. If we see a noticeable move in bond yields or an intraday revision to mortgage rates it will likely be a result of a move in stocks. Generally speaking, stock strength hurts bond prices, pushing yields and mortgage rates higher. On the other hand, if the major stock indexes extend this morning’s losses, we could see a slight improvement in rates before today’s early close in bonds.

The bond market will close at 2:00 PM today while stocks are set to trade a full session. All the U.S. markets will be closed Monday for the Memorial Day holiday and will reopen for regular trading Tuesday morning. It is common to see a little pressure in bonds and mortgage related securities ahead of a long holiday weekend such as this one. That is usually caused by traders selling some holdings ahead of the holiday to protect themselves from events over the extended break.

Next week has a fairly large number of economic reports and other events scheduled that may influence mortgage rates. Some of the data is of less importance than others but there is at least one item scheduled each day, including Tuesday when the markets reopen. Look for details on the week’s calendar in Sunday evening’s weekly preview.

 ©Mortgage Commentary 2020

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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.