Bond Market Update
Bond Market Update
Market Update
Friday, July 26, 2024
What's going on and why does it matter?
Mortgage bonds are relatively calm and drifting sideways below their 10-day moving average as the week draws to a close. Today's PCE inflation numbers came out slightly higher than expected which may renew fears of "sticky inflation" and delayed Fed rate cuts. However, the market seems to be shrugging this off for now, which is a good thing for mortgage pricing.
What should you do about it?
Lock your rate to be safe.
Economic Calendar
Economic reports that may impact mortgage rates this week:
| Date | Report | Period | Prior | Est. | Actual |
|---|---|---|---|---|---|
| Tue 23 Jul | Existing Home Sales | Jun | 4.11M | 4.00M | 3.89M |
| Wed 24 Jul | S&P Global Mfg. PMI | Jul | 51.6 | 51.7 | 49.5 |
| Wed 24 Jul | S&P Global Services PMI | Jul | 55.3 | 55.0 | 56.0 |
| Wed 24 Jul | New Home Sales - Units | Jun | 621k | 640k | 617k |
| Thu 25 Jul | Durable Goods | Jun | 0.1% | 0.3% | -6.6% |
| Thu 25 Jul | GDP Advance | Q2 2024 | 1.4% | 2.0% | 2.8% |
| Thu 25 Jul | Core PCE Prices Advance | Q2 2024 | 3.7% | 2.7% | 2.9% |
| Thu 25 Jul | Initial Jobless Claims | Week ending Jul 20 | 245k | 238k | 235k |
| Fri 26 Jul | Personal Income | Jun | 0.4% | 0.4% | 0.2% |
| Fri 26 Jul | Core PCE month-over-month | Jun | 0.1% | 0.1% | 0.2% |
| Fri 26 Jul | Core PCE year-over-year | Jun | 2.6% | 2.5% | 2.6% |
| Fri 26 Jul | PCE month-over-month | Jun | 0.0% | 0.1% | 0.1% |
| Fri 26 Jul | PCE month-over-month | Jun | 2.6% | 2.5% | 2.5% |