http://MikesDailyMarketReport.com: The Durable Goods Orders revised their May's numbers from 2.3% to 3.2%; whereas, it's June data disappointed with 0.8%. Because of the May revision, it didn't affect the overall Markets. When you exclude Transportation, then it only rose 0.3% in June (also, disappointing, as it was forecasted at 0.8%). The FHFA Home Price Index (HPI), which measures homes with Conforming loans (loan amounts up to $548,250) rose 18.0% YoY in May; and Case Shiller, which measures the 20 largest cities in the US, rose 17.0% YoY in May. Needless to say, Home Prices continued to rocket into the summer! Consumer Confidence rose to 129.1 in July. It will be interesting to see how it does in August, as more restrictions take place in many areas across the US due to the increase in COVID cases. Stocks are taking it's queu from the Chinese regulators crackdown in their technology sector. The Chinese Markets have been down, as a result, for the past 2 days; and now it's spilling over to the US Markets. All 3 indices are in Negative Territory, as Investors are overlooking Q2 Earnings reports. Also, the Fed begins their 2 day meeting (FOMC) today and will wrap up tomorrow. There isn't any expectation of any rate hike, but Investors will listen for any more talk of tapering and any mention of increase of COVID cases by the Fed tomorrow. Today is a good day to buy Bonds, so MBS made up yesterday's losses (closed down 13bps), and is Up 19bps currently. Mortgage Rates are priced comparable to Friday's close and yesterday morning's open range. Yields are fighting to remain below the 1.25% level, as it sits a hair below 1.24% currently.
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