Todays News 7/19/2016
Yesterday, the bond market opened in positive territory proving that the coup attempt in Turkey on Friday had no major impact on global markets. After open, treasuries faced a different challenge, a flood of corporate bonds. Teva Pharmaceuticals released bonds and drove treasury yields up but the pressure was only enough to push yields into the highs seen Friday. All of this means that mortgage rates have risen moderately but are reluctant to move further upward. “In terms of this week’s data, although it’s less important for bond traders, it is moderately more interesting for those in the mortgage biz as most of the notable reports are housing-related.” Today’s housing-related report is Housing Starts which is a measure of the number of homes where construction is just begining.