http://MikesDailyMarketReport.com: The Durable Goods Orders surprised to the positive side today, as it jumped up from June to July by 11.2%; however, when you remove Transportation, it only jumped up by 2.4%. Stocks are (again) in Mixed Territory, as DOW continues it's recent path in the Red. There hasn't been any catalysts to really dictate the Markets, so Investors will be watching tomorrow's speech by Fed Chair Jerome Powell. Typically, they'd be in Jackson Hole, WY; but due to the recent events, it will be viewed online. This will be especially important for Mortgages because he has recently talked about letting inflation rise above the 2% target rate. If you're not aware, then MBS are bonds, which are long-term investments. Inflation is the enemy of bonds because it takes away it's value over the term of the investment. This could potentially have a big impact on Mortgage Rates, depending upon what he states on this topic. Currently, MBS is Down 5bps, so Mortgage Rates remain Unchanged from yesterday's pricing. Yields are hovering just above 0.71%.
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