http://MikesDailyMarketReport.com: We have 2 Home Price Indices (HPI) reporting today. The first is the Case Shiller HPI, which rose 1.6% MoM in March; and it's YoY jumped up to 13.3%. The FHFA HPI, which uses conforming loans as it's data points, rose 1.4% MoM in March; and it's YoY jumped up to 13.9%. However, Consumer Confidence disappointed the Markets when it's April reading of 121.7 was revised lower to 117.5. This was the highest reading since the beginning of the pandemic. Then to top it off, then it dropped to 117.2 in May. Stocks are taking it's queue from the disappointing Consumer Confidence report today, as they break a 3 day winning streak. However, MBS is Up 11bps and should set Lenders with better pricing today than yesterday's rate sheet. Also, Yields are down a few ticks and currently sit at 1.57%.
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