Tuesday, June 30, 2020

Daily Market Report 6/30/20

http://MikesDailyMarketReport.com: The lockdown didn't stop home values from rising, according to Case Shiller,  as it's Home Price Index indicated that  home values rose from 4.6% YoY in March to 4.7% in April.  However, news weren't so great in Chicago, as manufacturing is still a concern.  The Chicago PMI only rose from 32.3 to 36.6 in June.  Anything below 50 is contraction/pessimistic territory.  It's counter-parts in the NE have vastly improved to near 50 territory.  But Consumer Confidence has improved from 85.9 in May to 98.1 in June.  Stocks are Up on this news, as they watch Fed Chair Powell and his counter-part at the Treasury, Steven Mnuchin, testify before the House Committee.  Also, there are a few Fed Speakers today.  MBS is currently Up 8bps and trending upward.  This isn't quite enough to see any rate improvement, as Mortgage Rates remain Unchanged.  Yields are trending lower and currently sit around 0.63%

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