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Market Commentary

Updated on August 11, 2017 10:12:30 AM EDT

Yesterday’s 30-year Treasury Bond auction went pretty smoothly with some of the benchmarks pointing towards a strong demand for the securities. This helped boost bonds a bit during afternoon trading, but I don’t believe we saw many lenders improve pricing as a result. They likely waited to see this morning’s data before reacting.

Julys Consumer Price Index (CPI) was today’s only relevant economic data. The 8:30 AM ET release showed a 0.1% increase in both the overall and core readings. Analysts were expecting to see a 0.2% rise in both, making the data favorable as it indicates inflationary pressures at the consumer level of the economy were softer than many had thought.

Next week brings us the release of several economic reports that may influence mortgage rates, including one very important measurement of consumer spending. In addition to those reports, we also will get the minutes from the most recent FOMC meeting. Monday has none of these events scheduled, so we can expect weekend news, particularly geopolitical military talk, to drive the markets and mortgage rates as the new week begins. Look for details on next week’s activities in Sunday evening’s weekly preview.

 ©Mortgage Commentary 2017

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PRMI NMLS No. 3094. Branch NMLS 252910. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Alabama Banking Department Bureau of Banking MC 20316. Arkansas Securities Department 11558. Florida Office of Financial Regulation MLD646. Department of Banking and Finance 6521. Office of Financial Institutions #771. Missouri Division of Finance. Mississippi Department of Banking and Consumer Finance, 3094. Oklahoma Department of Consumer Credit ML010027. Department of Financial Institutions 109282.

PRMI NMLS No. 3094. Branch NMLS 252910. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Alabama Banking Department Bureau of Banking MC 20316. Arkansas Securities Department 11558. Florida Office of Financial Regulation MLD646. Department of Banking and Finance 6521. Office of Financial Institutions #771. Missouri Division of Finance. Mississippi Department of Banking and Consumer Finance, 3094. Oklahoma Department of Consumer Credit ML010027. Department of Financial Institutions 109282.