Weekly Market Update

Monday, December 30, 2019

What's going on and why does it matter?

Mortgage bonds opened lower this morning while the stock market opened at record highs. The S&P 500 index is set to have its best year since 2013 amidst optimism that the US-China trade dispute may be resolved soon. Today is the last full trading day of the year, as the market closes early on tomorrow for New Year’s Eve and is fully closed on Wednesday for New Year’s Day. There are a few economic reports scheduled to be released later today. The Fed will release minutes from the December 10-11 meeting on Friday afternoon, delayed from the normal Wednesday release due to the New Year’s Day holiday.

What should you do about it?

It's probably a good idea to lock your rate while mortgage bonds remain near the upper end of their recent range.

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Economic reports that may impact mortgage rates this week: