Markets started the week on a more positive note. Stocks improved earlier today, oil prices moved lower, and mortgage rates showed some improvement.
A pause in attacks between the U.S. and Iran, along with reports of possible negotiations, helped ease market concerns. Oil prices fell more than 5%, reducing some of the inflation pressure that affected rates last week.
Today’s durable goods report was weaker than expected overall. However, business equipment orders and shipments were stronger, showing that companies continued to invest.
What This Means
The calmer start to the week is encouraging. Mortgage rates may still move as markets follow oil prices, global developments, and new economic reports.
Looking Ahead
The Fed rate decision on Wednesday and the Personal Consumption Expenditures inflation report on Thursday will be the two main events this week. The Fed is expected to leave its rate unchanged, so attention will focus on what officials say about inflation, economic growth, and what may come next.
Markets will also watch home prices, economic growth, and jobless claims.
Miguel Terrazas
Mortgage Planner/Planificador Hipotecario // NMLS #227518
