http://MikesDailyMarketReport.com: The IHS Markit PMI released it's 2 reports: Manufacturing and Services. The Services dropped from 70.4 in May to 64.8 in June; however, it's Manufacturing rose from 62.1 in May to 62.6 in June. New Home Sales dropped 5.9% in May, as it's April numbers were revised lower (from 863k seasonally adjusted annualized units to 817k). In May, it was reported down to 769k. All of these reports today indicate an ongoing issue with labor shortages. Stocks are in Mixed Territory, as the DOW is barely in the Red. The Market didn't have much impact from Fed Chair Powell's Testimony yesterday, as both he and the other Fed Speakers tip-toed along the same message. MBS is currently Down about 5bps, which isn't enough for any changes to our pricing for Mortgage Rates (compared to yesterday's close). Yields climbed back above the Technical level and sitting at 1.49%. There will be a 5 year Treasury Auction today (at 10am PST) that may have an Impact with MBS Market. If the Auction goes well, then we may find some improvement with Mortgage Rates today; however, the inverse may happen, if it doesn't go well. Stay tuned!
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