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Market Commentary go to market commentary

Updated on July 30, 2015 10:34:29 AM EDT Thursday’s bond market has opened relatively flat even though the major economic release gave us somewhat favorable results. Stocks are showing fairly minor losses with the Dow down 50 points and the Nasdaq down 16 points. The bond market is up 1/32 (2.28%), which should keep this morning’s mortgage rates at yesterday’s early levels.
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This morning had two pieces of economic data for the markets to digest. The first and more important one was the preliminary reading of the 2nd Quarter Gross Domestic Product (GDP) at 8:30 AM ET. It showed a 2.3% increase in the GDP from April through June that was a little softer than expectations. The data shows that the economy rebounded from a weak first quarter but at a slower pace than many had thought. Most forecasts were calling for an increase of 2.5% or higher. It appears that the markets weren’t overly impressed or concerned with the news as both stocks and bonds have shown minimal reaction. Still, we can consider the reading slightly favorable for bonds and mortgage rates.

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