US stock prices continue to gain strength as equity investors become less concerned with the whole “Brexit” event. In reality, the historic move in Great Britain may be calm at the moment, but will certainly flair up at times in the future. Assuming this actually takes place, the U.K. will feel the pressure as the ties to the EU unwind. There will be a great deal of uncertainty in the financial markets when this happens. But for now, investors are content to bury their heads in the sand and seek short term profits from the current state of exuberance.
The US 10 Year Treasury Note yield briefly dipped below the old all-time lows in overnight trading last night. However, yields quickly rose afterwards and are now sitting near 1.45%. This is still very close to the 1.39% record low set back in 2012 and is a great sign for maintaining low mortgage interest rates.
The stock and bond markets are set for an early close today and will be closed all day on Monday in observance of the 4th of July holiday. Be prepared for a volatile week next week, as we receive critical reports on the job market as well as meeting minutes from the Federal Reserve.
With mortgage interest rates near all-time lows, now remains a great time to lock in a rate.