http://MikesDailyMarketReport.com: The FHFA Home Price Index rose 0.1% in May, and is Up 5.0% YoY. The FHFA HPI is an index that measures home prices for home with Conforming loans. May's numbers doesn't seem like a lot, but it was off a very good April that saw it rise 0.4%. Existing Home Sales shrank from 5.36 million annualized units to 5.27 million. This is a 1.7% drop; however, this number is a bit deceiving because May was a very strong Month (it was up around 3%) and was revised higher. So, if there wasn't a revision, then the drop would have been 1.3%. Not a lot of difference, but can't forget that we're coming off a very strong May. The Media will harp on this negative, but you will know and understand the truth! Stocks are trading in Positive Territory today, as they're mostly influenced with some strong Earnings Reports. Also, Investors are looking ahead, not only to the FOMC at the end of this month, but to Thursday when the ECB meets. There are rumblings that the ECB may cut rates at this meeting after the Fed made it clear they will at their upcoming meeting. It is expected to be very dovish. Also, Great Britain will have a new leader, Boris Johnson, whom is a hard-line Brexit. It will be interesting how they proceed with their leave from the EU. MBS is Up 3bps, so there's no change in Mortgage Rates today, as we've been in a sideways pattern the last few trading days. Yields are at 2.04% range.
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