http://MikesDailyMarketReport.com: A few items on the Economic Calendar to report this morning. First up is the Case Shiller HPI for April. Home Prices dropped from 3.7% YoY to 3.5% YoY. Consumer Confidence Index dropped from 131.3 in May to 121.5 in June. Much bigger than our forecast of 130.4. Lastly, New Home Sales have slowed to it's lowest level since 2012. It dropped from 679k annualized units in April to 626k in May. Stocks are in the Red this morning ahead of several Fed Memebers Speaking Engagements, but notably one stands out, whom is Fed Chair Jerome Powell. MBS is right up against it's Ceiling of Resistance, which is just Up 2bps from yesterday's close. There's no change in pricing for Mortgage Rates. Yields have slid down below it's Floor of Support to 1.99%. It has a bit of room before it sees it's next Floor of Support, which will lessen pressure on MBS and quite possibly help propel it further Up, which will improve Mortgage Rates.
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