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Mark Hemingway

Mortgage Market Update for June 29th

Tuesday, June 30, 2020 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Pent-up demand and low mortgage rates continue to fuel the housing sector after the pandemic shutdown state economies in March and April as well as the early part of May. The National Association of REALTORS (NAR) reports that Pending Home Sales surged by 44% in May from April. It was the highest month-over-month gain since the NAR began tracking the series in 2001. Lawrence Yun, NAR's chief economist said, "This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery."

The U.S. financial markets will be on a holiday schedule this week with the observance of Independence Day. The U.S. bond markets will close early on Thursday at 2:00 p.m. ET and all financial markets will be closed on Friday for the 4th. Drivers who are taking to the road will see the lowest gas prices in recent memory. The current national average for a regular gallon of gasoline is at $2.17 up four cents in the past week.

Coronavirus cases continue to rise in spots across the country though bond prices are flat to lower while stocks rebound on news that additional QE will be undertaken by Germany and the UK. The central bank "punchbowls" are flowing around the world. In addition, Boeing's 737 Max could be set to lift off as certification flights are beginning which is fueling shares of the aerospace company. Coronavirus cases continue to rise as Texas, Florida and Arizona have partially re closed while cases here in the U.S. have topped 2 million. The markets will continue to respond to the virus headlines.

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