http://MikesDailyMarketReport.com: Pending Home Sales spiked 8.1% in August, easily beating forecasts of 1.4%. Stocks are in Mixed Territory, as many stocks (especially Growth Stocks) are being affected by the recent spike in Yields. MBS started the day in good position (approximately Up 13bps and rose another 11bps). Lenders priced in better pricing for Mortgage Rates (compared to yesterday's close); however, it has since scaled back and is has teetered between -2bps and +5bps. Some jumpy Lenders may reprice for the worse (making pricing Unchanged from yesterday's close). Meanwhile, Yields were following in similar pattern, as they were down to 1.50%, but have risen back up to 1.54%. Investors were propping up the better pricing early on this morning, as they were buying the Dip (after several negative days), but have cooled off in the afternoon, which the reason behind all this movement today.
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