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Mark Hemingway

Mortgage Market Update for June 24th

Wednesday, June 24, 2020 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Mortgage rates continue to hover near all-time lows though inventory concerns continue to plague the market. The MBA reports that the 30-year fixed-rate mortgage was unchanged in the latest week at 3.30% with 0.32 in points. The report went on to reveal that the Market Composite Index, a measure of total mortgage loan application volume, fell 8.7%, the Purchase Index fell 3% while the Refinance Index lost 11.7%. Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting said, "One factor that may potentially crimp growth in the months ahead is that the release of pent-up demand from earlier this spring is clashing with the tight supply of new and existing homes on the market."

New tariff issues between the U.S. and Europe and enormous supply from the Treasury are leaving both stocks and bonds modestly lower to start the day. The Treasury will sell $47 billion 5-year Notes today, part of $134 billion being offered this week and comes after yesterday's solid demand for the 2-year offering. A proposed $3.1B in tariffs from the White House on goods coming from Europe and the U.K. into the U.S. is pushing stocks lower today along with an uptick in global coronavirus cases. The ongoing pandemic still remains a real and valid concern across the country.

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