Bond Market Update

Bond Market Update

 Mortgage pricing is worse than it was yesterday

Source: Thomson Reuters

Market Update

Friday, June 9, 2023

What's going on and why does it matter?

Mortgage bonds opened lower this morning but they are hovering near their 10-day moving average which has been operating as a floor of technical support. It will be interesting to see if they can bounce higher off that level as they did in yesterday's trading session. The economic calendar is quiet today although traders may continue to adjust their positions ahead of next week's Federal Reserve interest rate decision and monetary policy statement.

What should you do about it?
Watch and see if mortgage bonds can rebound toward their 30-day moving average, but be prepared to lock your rate if mortgage bonds make a convincing break below their 10-day moving average.

Economic Calendar

Economic reports that may impact mortgage rates this week:
Date Report Period Prior Est. Actual
Mon 5 Jun Factory Orders Apr 0.9% 0.8% 0.4%
Mon 5 Jun ISM Non-Mfg. PMI May 51.9 52.3 50.3
Wed 7 Jun International Trade $ Apr -64.2B -75.2B -74.6B
Thu 8 Jun Initial Jobless Claims week ending Jun 3 232k 235k 261k