Weekly Mortgage Overview: 7/1/2013

This Week

It’s employment week for June data. In the meantime, a few key reports will draw attention: the June ISM manufacturing and servicing sector indexes, May factory orders, and June auto and truck sales. The stock market continues to improve on increasing belief the economy is improving; it is all in the eye of the beholder and there are a lot of eyes focused on economic growth. The Fed stoked up the belief when Bernanke said the Fed was readying its exit from market supports because the Fed sees better economic growth ahead. The bond and mortgage markets remain bearish with rates unlikely to fall much from present levels; but like equity markets, it is dependent on economic performance. The week will likely continue with increased volatility, as has been the case for the last three weeks.