Melissa's Mortgage Minute

What a week, what a month, and what a second quarter! No one can say that things have been dull around the water cooler. The Dow peaked over 18,000 a week ago. Only to drop to 17,150 and is now back up close to 18,000. The 10-year bonds touched 1.80% and hit all-time lows of 1.38% this morning. Oil visited $50 and $46 this week. The Dollar didn't fare very well either; all due to the Brexit vote! 

Right now equities are telling us that the center of the Brexit storm is in Europe and we are likely to see some ripple effects. Bonds are telling us that investors are nervous in Europe and here at home in the states. 

 Data today was mixed. So what? Will any pre-Brexit data have any impact in July? No! It is July and August's data that will help tell us if there is life after the Brexit. 

 Mortgage rates did drop a bit but not enough to get really excited. As markets flip-flopped, banks sat on the fence and watched the fun. Coupled with a holiday weekend, mortgage fireworks are not in the cards.