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Mark Hemingway

Mortgage Market Wrap for August 2nd

Thursday, August 2, 2018 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Technicals take a backseat to the Jobs Report which is set to be released tomorrow morning. Locking your loan is recommended in the short-term, 30-days or less until closing. For all other loans with more time, you can float your rate with prices right near technical markers - but do understand that tomorrow could be a volatile day.Not much action in the Mortgage bond markets today ahead of tomorrow's Jobs Report. The Fannie Mae 30-yr 4% coupon closed at 101.50, +6bp. Stocks closed in mixed fashion. Apple became the first publicly traded company in history to reach a $1 trillion market cap. The Dow closed near unchanged at 25,326.16, the S&P gained 13.86 points to 2,827.22 while Apple shares led the NASDAQ higher closing at 7,802.68, +95.39 points. WTI oil settled at $68.93/barrel, +$1.27. The July Jobs Report will be released at 8:30 a.m. ET tomorrow morning, be sure to be tuned in for the numbers and the market's reaction.

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