http://MikesDailyMarketReport.com: Durable Goods Orders rose 0.7% in May, exceeding expectations of 0.1%. Pending Home Sales broke it streak of declines in May, as it rose by 0.7% to 99.9k annualized units. There are a number of important data to watch this week, but none more important than Thursday's PCE release. PCE is the Fed's favorite gauge for inflation, which carries a bit more weight than the CPI, which the Markets reacted quite negatively a few weeks ago with it's release. Both Markets are Down today, as MBS started the morning down around 30bps, then it subsided, but when the poor auction results were released around 10am PST for the 5 year Treasury, then it dropped back down toward the lows of the day (about -30bps), as Mortgage Rates worsen by approximately .125% to the rate. Yields are testing a 3.17% ceiling, as they're currently just under 3.20%, which is another ceiling. Let's hope this holds!
**As Mortgage Rates spiked over 6% over past few days, ask me about our 7/6 ARM, which may be a good alternative for you or your client. Contact me today!**
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