http://MikesDailyMarketReport.com: Housing Starts dropped from 1.241 million in June to 1.191 million in July. Even though this headline number shows a drop, the good news is if you dig deeper, then you'll understand that the drop was due to drop with Multi-Family. There was actually an increase in Single Family, which is up approximately 2% YoY. Building Permits, our Future Housing Starts, rose from 1.232 million in June to 1.336 million in July. Consumer Sentiment dropped from 98.4 in July to 92.1 August. Stocks are Up today, as the data from the Economic Calendar is spurring the positive movement today, as this week's volatility from the China aftermath and Inverted Yields are placed on the back-burner for now. MBS is down 25bps from yesterday's close, so Mortgage Rates have worsened, but they're still Up from Wednesday's pricing. Yields inched Up to 1.57% this morning.
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