As the week kicks off, bonds are slightly lower in the absence of any geopolitical or economic headlines so far today while yields inch higher. The uptick in yields is also putting some pressure on stocks as the are lower and hover near record highs. There will be no Fed speak this week as the quiet period begins ahead of next week's two-day FOMC meeting. New and Existing Home Sales will be released later in the week. Earnings season will be in full bloom this week after Coca-Cola easily beat expectations this morning on both profit and revenue. Investors will be looking hard at the numbers to gauge if the economy is recovering from the COVID impact.
Due to the recent decline in mortgage rates, Black Knight reports that another two million potential borrowers could save an average of almost $300 a month on a refinance. The report showed that high-quality refinance candidates rebounded back to 13 million last week with the potential to add $3.6 billion into homeowners wallets. California was the top state for the number of candidates with 1.75 million with $672 million in savings in payments and interest.