http://MikesDailyMarketReport.com: The ISM Non-Manufacturing PMI dropped to 55.3, which was better than the forecast of 54.3. Anything above 50 with this index indicates expansion. The FOMC Minutes from it's June meeting were released today. It basically reiterated what the Fed has been saying all along. The 50 or 75 bps rate hike is on the table for it's July meeting. Also, if inflation persists, then they may take more restrictive measures. Both Stocks and Bonds were in negative territory prior to the release of the Minutes, but Stocks started to improve after the release, while Bonds sank further. This was mostly to due liquidity issues with the Bond Market, as investment dollars flowed back into the Equities Market. MBS is currently Down 61bps, so Mortgage Rates worsened today; and is now sitting near it's 25 DMA again (after touching on it's 50 DMA). Yields jumped up to 2.91% (after being down to around 2.75%.
**As Mortgage Rates spiked over 6% over past few days, ask me about our 7/6 ARM, which may be a good alternative for you or your client. Contact me today!**
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