Mortgage Rates Gives Up Gains

Mortgage rates gave up recently-enjoyed gains today.  Nothing has changed with Greece.  There was a conference call among finance ministers that did not last long and the message was, see you on Monday after the referendum on Sunday.

Tomorrow is the last day of trading before Monday - June employment data and May factory orders, with revisions to May data also in the mix. By noon tomorrow markets will begin to thin out as traders and most investors it the holiday road.

Tomorrow investors and traders will have the opportunity to set positions for Sunday’s vote, although big money will be able to react prior to US markets opening on Monday.  Still uncertainty and still excessive amount of opinions out there. We wonder how long it will take to tally the votes - a day, a week or a month.

The work remains bearish - price improvements in the last two weeks have been minor and have not broken the bearish pattern. 

In summary, there is too much risk out there to be gambling on interest rates unless Las Vegas Casinos happen to be your favorite places to hang out and you can afford to lose your bet. For all other folks, I believe locking your rate as soon as you are able to makes the most sense.

Sorry for the short report, but I am writing this later than usual and have nothing new to add or report - have a nice evening!