Monday, June 22, 2020

Daily Market Report 6/22/20 Existing Home Sales dropped from 4.33 million annualized units to 3.91 million units in May.  The forecast had it at 3.80 million.  NAR stated that they feel this was the bottom, as they faced lockdowns from the pandemic, and lower inventory levels.  Stocks are higher on the day and in Positive Territory, as they're led by Tech industry.  Investors still have one eye on the rise of Coronavirus cases being announced globally and any impact it may present.  Meanwhile, MBS started the day higher, but has since dropped below it's 25 DMA and is Down 6bps currently.  This is not enough movement to create any price changes for Mortgage Rates, as they remain Unchanged.  Yields are down from it's opening and sitting on a level just above it's 50 DMA and at 0.70%.

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