WHAT’S GOING ON IN THE ECONOMY THIS WEEK AND WHY DOES IT MATTER?

Mortgage pricing is set to get worse as global stocks kick off the week with a rebound. The US financial markets re-open Tuesday after closing Monday for the Juneteenth holiday. Bond market sentiment this week is likely to be influenced by fluctuating sentiment in the stock market. It’s unclear how long the bargain-hunting in stocks may last, so get ready for continued volatility.

The S&P 500 index was off -24% from its peak last week, putting the stock market firmly in “bear market” territory. In any bear market, there are sure to be several “relief rallies” like the one that’s kicking off this week. But that doesn’t mean the turmoil is over.

WHAT SHOULD YOU DO ABOUT IT?

It’s probably a good idea to lock your rate if you haven’t done so yet.