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Mark Hemingway

Mortgage Market Update for May 22nd

Monday, May 22, 2017 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

President Trump began his first foreign trip in Saudi Arabia and other Gulf States over the weekend as the U.S. signed $350 billion worth of defense equipment and service supports, which is lifting Stocks this morning. The president will now visit Israel on Monday and Tuesday, Rome and the Vatican on Wednesday. Stocks took a hit last week over political turmoil out of the Trump administration, but those concerns quickly faded. The closely S&P 500 Stock Index continues to trade near all-time highs.

There are no economic reports due for release today and the calendar is on the light side this week. Trading volumes will most likely begin to ease late Thursday as players gear up for the long Memorial Day weekend, the unofficial kick off of summer. The week the treasury will sell a total of $88B in Treasury Notes, which could impact trading. Heading into the long Memorial Day weekend, drivers are expected to take to the roads in a big way as they head off to their favorite vacation destinations. Motor club AAA expects 39.3 million Americans will travel this holiday weekend, the most in the past 12 years. Most of those will travel by car as AAA expects 34.6 million on the roads. A total of 2.9 million people in the USA are expected to take to the skies this Memorial Day, an increase of 5.5% over last year.

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