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Mortgage Rate Update 07/15/2020

Hey friends, Sean Zalmanoff here with this week’s mortgage rate update. The markets have been on fire this week, the stock market that is.

Moderna came out with this incredibly positive vaccine news on the latter half of their stage one trial.  All 45 people tested with all three vaccine levels showed significant increases in their antibodies so the phase three is green-lighted, they are actually picking the 100mg dose the one in the middle, if you care to know those details.

What this all means for you and the market, rates have continued to stay steady. I am going to show you where that is at, we have been in a long channel of rates being awesome as we were talking about last week. Still kind of the broken record of the best rates ever. They have been getting slightly better as we go but really just a great channel for you to consider locking in, we’ve had such amazing gains this year. Let me show you what that breaks down like. So, as you can see, this is a three-month chart, this right here goes back to April 22nd all the way as of today.

If this is the first time you are looking at a candlestick chart, the general things that you need to know is green is good and red is bad. As rates improve, as bond prices go up, rates go down. So you can see over the last three months we have been fairly flat just as if you go back to a full six month period you can see the craziness that happened when the markets were struck with COVID and they just bounced around something crazy.

So, we’ve had a lot of stability, we’ve had great price increases, which means that again it is a great time to lock it’s a good time to lock into your refinance and into your home purchase. Again, we have jobless claims that will come out on Thursday of this week, there’s the Philly Fed index, there’s a few other market-moving things that could happen. One of the big disconnects that the economists are talking about in the market right now is the 10yr treasury in the overall market. With the stocks surging as much as they have, you would expect that the 10yr treasury would be substantially higher than .6% yield, which has some correlation, not a direct, but some correlation to mortgage-backed securities that we track here and that they would also be lower. Which again, would make rates higher. Those things should make rates go up, but there is a lot of uncertainty still ahead. Stimulus could be running out to an extent soon. There may be more by the government but with that uncertainty and mortgage rates are just staying fantastic. And like we said, it’s a great time to lock in it’s a great time to take advantage of where we are at right now. If you have any questions, my team is here for you! Have a great day y’all.  

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