http://MikesDailyMarketReport.com: The Initial Jobless Claims spiked last week to 419k (breaking back above the 400k level). The good news is the Continued Claims dropped slightly. NAR reported that Existing Home Sales increased from 5.78 million annualized units in May to 5.86 million in June. Lastly, the Leading Indicators shows a 0.7% improvement for the month of June. Stocks continue to rise today on continued strong Q2 Corporate Earnings releases. MBS and Yields got a boost from the ECB's announcement today, which was very dovish and Bond friendly. MBS is Up 19bps, which brings us back to same levels on Monday/Tuesday; whereas, Mortgage Rates improved back to those same levels. Yields slid down to 1.26%, which is still a little higher than Monday/Tuesday levels.
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