It was a quiet week with economic data. There was no data news that moved markets.
Monday the Institute of Supply Management Service Sector was up to 60.2 from 58.7, a bigger than expected jump which is not mortgage friendly news.
Thursday the Institute of Supply management announce the Manufacturing numbers which rose a temperate 58.6 in May to 59.1 in June. This is a non-event.
The news was non-economic data related and more international intrigue. The trade and tariff tit-for-tat between the US and China had the markets on standby.
Also it’s interesting to see the 4.00 bonds traded at 102.00, and as soon as they hit that level over and over again they couldn’t get more money for that bond price. So nowhere in the world are they willing to pay more for that bond which is an indication that rates could be heading higher.
Rates remain steady this week. A little bit of a dip occurred earlier this week and has maintained. A little reprieve from the rates rising over the last few months but still .125% higher than rates in April (beginning of 2nd quarter).