Daily Market Report 7/24/20

Mortgage and Lending with Evolve Bank & Trust NMLS #275652

http://MikesDailyMarketReport.com: Markit Manufacturing PMI moved into Expansion territory in July, as it went from 49.8 in June to 51.3. Markit Services PMI improved in July, as it's June number was 47.9 and jumped up to 49.6 in July. Anything below 50 is contraction territory and anything above it is expansion on these reports. New Home Sales jumped up dramatically in June, as it went from 682k annualized units in May to 776k in June. Stocks are Down this morning over concerns of the growing tensions between US and China; and the lack of development in next Stimulus/Recovery Bill from Congress. MBS is currently Unchanged from yesterday's close, as Mortgage Rates also remain Unchanged. Yields are still around 0.58%, but adding heavy pressure to it's floor.

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