http://MikesDailyMarketReport.com: The Case Shiller HPI rose from 4.2% YoY in February to 4.4% in March; however, the FHFA HPI dropped from 6.1% in February to 5.9% in March. Consumer Confidence began to rise in May, as it went from 85.7 to 86.6. Also, a bit of a surprising report, is New Home Sales, which went from 619k annualized units in March; with forecasts calling for 480k units in April, but the actual number of annualized units in April rose to 623k. Stocks are well into Positive Territory this morning, as optimism grows on possible vaccines and data reporting improvement in the economy after states begin to reopen. However, it's not quite affecting the Markets today, but tensions continue to mount between US and China. MBS is Down 8bps and is currently sitting just above it's 50 DMA. Mortgage Rates remain Unchanged. However, there will be a movement coming soon, as both the 25 DMA and 50 DMA begin to squeeze it's movement, which will push MBS in either direction. This will cause MBS to either improve or worsen. If they break below the 50 DMA, then there's a lot of room for Mortgage Rates to rise. Meanwhile, Yields are Up against it's 50 DMA and sitting at 0.70%.
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